gmcbuick
New Member

I paid a $5k deposit for a farm drainage project in September, the system was installed in January, and I then paid the remaining $20k balance. How should I record this?

This is a land improvement depreciable over 15 years. Since it was not placed into service until 2025, thats when the $20k balance would be added as an asset... but what do I do with the $5k?