Tashie10
New Member

Metal Building deposit and purchase

Hello, 

 

I purchased a metal building for my small business and paid a deposit in November 2023.  The full price of the building was not paid until delivered in March 2024.  How would I claim the deposit ($3000) for my 2023 taxes, or would I just claim the entire cost of the building in my 2024 taxes?  The building is not in use yet and will be a separate structure on my residential property.  In 2023, the business was more of a side hustle and will become more professional in 2024 (waiting on LLC paperwork).  I appreciate any help or guidance.  Thanks!