I purchased a fixed asset last year 2021 but it hung at the port and wasn't delivered until Jan 2022. Can I claim it on 2021 return. We are an S corp using cash accounting.
You'll need to sign in or create an account to connect with an expert.
No. You don't enter the asset in the Business Assets section until the tax year that asset is actually placed in service. Since you did not receive the asset until 2022, you have nothing concerning it to report on your 2021 tax return.
You cannot start depreciating your fixed asset before it is placed in service.
As your asset is placed in service in 2022, you will start depreciating it in 2022. This applies even if you are on a cash basis and have already paid for the asset in 2021.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
bigjim1216
New Member
Joan2k
New Member
deni699382
New Member
fucndfsdsfddfdf
Returning Member
chefweldon-gmail
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.