I was living abroad for the last 8 years and was renting out my home. Last year I had to replace the AC Unit and the total bill for that was $11000. This year I am back in my home. How much of the 11000 can I deduct? I am guessing that it would be a 7 year item so I could deduct approximately
1600. Or could it be classified as a repair and I write the whole 11000 off at one time? Also, I bought a really efficient unit so I could take advantage of the 300 dollar Federal Tax Credit for Residential Energy Efficiency. Can I take advantage of this if it was for rental property? Any advice would be appreciated Pat
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