Began the farm in 2022 (already had the land). Contracted a shop to be built on our farm. Put a $5k deposit in Sept 2022, Paid $25k for materials delivered in Dec 2022, Paid $10k to builder after framing/siding shop in Jan 2023, and finally paid $12k for concrete work in Feb 2023. Shop did not get used until Feb 2023. Paid directly from me (no loans).
Am I right in thinking that I cannot claim any of this expense for 2022 taxes but should claim it all on next year's (2023) taxes?
I tried to enter as an asset but TT would not accept due to date that building was put into service. Just seems to go against my instinct to claim expenses in the tax year in which they were paid.
Thank you again.
