Replaced oven - how to expense?

[samm]

I just replaced an oven in a rental property and am wondering how to deal with it for tax.

Do I expense the whole thing at once (does it fall under repairs and maintenance) or do I depreciate (can you still do that)?

Advice much appreciated!

[north shore]

I think depending on cost of it, if its over $500 my accountant depreciates it.

[sidinz]

Also look into writing off residual value of old oven.

[Wayne]

I think depending on cost of it, if its over $500 my accountant depreciates it.

If the total cost (including installation) is $500 or less then it can be depreciated 100% in the 1st year (expensed basically).
Fit over $500 then add to the asset list and depreciate.
Depreciate the residual value of the old oven to 0 as it has been replaced.

[Nick G]

Total cost of new oven including install costs is a depreciable chattel if over $500 as others have pointed out. Send the bill to accountant to load up. If under $500 it's a one time cost.