Hi,
I moved into my new home in mid December, 2024 and set up my home office.
I ordered a desk and bookcases and paid for them in late December 2024, and they arrived and were put into service early 2025.
In TurboTax Home & Business I seem to be stuck in the Business Assets and Sec 179 area. The program will not allow a purchase date of 2024, and a places in service date of 2025.
I understand that depreciation begins when the equipment is placed in service, and I understand that Sec. 179 is for equipment bought and placed into service in the same year.
My question is how do I account for this situation? Must I wait until 2025 tax year to enter this equipment, even though the purchase date is 2024? Will that be accepted, or can I still deduct the cost in 2024 and depreciate the equipment beginning in 2025?
Thank you in advance!
