I operate a music business to claim income and deduct/depreciate gear purchased and used in service of the business. This year (2019), I have made a down-payment on a substantial purchase that I will not complete until 2020. I operate on a cash basis and normally, I would pay for and begin amortizing the asset within a single tax year. How should I claim deductions and declare/amortize the asset in this case, since I will have costs in 2019, but will not own the asset until 2020?
