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Level 2
Mar 17, 2021 1:48 PM UTC
Solved

Deductions

We ordered new windows late last year and we were approved for financing.  We have not made any payments as of 3/17/2021 and they were installed last month.  Are we able to deduct these for the year of 2020 or do we need to wait until payments are made?

    MinhT1Answer
    Alumni - Intuit
    Mar 17, 2021 2:02 PM UTC

    No, you cannot claim the credit for your new windows in 2020. 

     

    You can claim the credit only in the year the windows are placed in service (2021).

    **Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"

    2 replies

    MinhT1Answer
    Alumni - Intuit
    Mar 17, 2021 2:02 PM UTC

    No, you cannot claim the credit for your new windows in 2020. 

     

    You can claim the credit only in the year the windows are placed in service (2021).

    **Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"
    Level 2
    Mar 17, 2021 2:04 PM UTC

    Thank you for that short but concise answer.  Def what I was looking for!