Can I claim a tax write-off item for next year (2024) if I purchased the item last year in 2023?

[Bsch4477]

No. A deductible item bought in 2023 should be reported on your 2023 return unless it was a personal item which was put into service in 2024. 

[badassj]

Ok thank you very much for your answer and reply! I have one last question tho, the reason I asked was because I purchased an expensive work tool item worth 13k in Jan 2023 and for some reason when I claim the (depreciation 179 section) it doesn't deduct nothing at all , is there any reason for that?

[Vanessa A]

Does it give you any type of message saying it cannot be deducted or you need to enter more information? Do you have income from your business to offset or are you operating at a loss?  If you do not have income to offset, you may not see any difference in your number when you enter the item and the cost.

If you go back to the asset summary do you see anything under Section 179?  If so, then the asset was entered, but you may not have enough income as you cannot take bonus depreciation that will create a loss on your return. 

How did you enter the asset?  To enter an asset for depreciation, in the business section, you will select:

1. Business Assets
2. Add An Asset
3. Walk through the steps to enter the tool and the price
4. If you do not have enough income to deduct the full amount for 2023, you could go back and edit the asset to spread the deduction over several years.  This way, you will still benefit from the purchase in future years, even if you cannot benefit from it this year. 

Depreciation of Business Assets