I made a 50% down payment in 2021 for kitchen cabinets and bathroom vanities for a rental property. The cabinets were delivered and installed in 2022. The remaining cost of these items was paid in 2022.
Can I amortize or expense the 2021 down payment? I can allocate the amount of the down payment to the kitchen cabinets. The remaining amount to be paid (in 2022) would be allocated to the bathroom vanities and handles similarly on the 2022 taxes.
Thanks.
