I have a small business. I purchased camera lights & background in 2014. It was put into storage until 2018 when we finally put into use. Can I expense on 2018 tax year?

[optiva22]

I have a photography business and equipment was purchased in 2014. It was un storage until I started the business so it wasn't put into use until 2018. Since its been 4 years, can I still claim as expense or depreciated asset? I prefer to expense it if I can.

[AnnetteB · Accepted solution]

Your lights and background can be added as an asset for your business and be depreciated.  You will indicate the purchase date as well as the date that the asset was placed into service.

You cannot expense the item unless it is purchased and placed into service during the current tax year.