- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Business & farm
Since you haven't received the asset yet, you can't expense the amount you paid in 2024. It's considered a deposit, and deposits aren't expenses.
For your 2025 taxes, you'll record the equipment as a fixed asset for the full amount you paid and take a depreciation expense.
You can only deduct the interest portion of any payments you made in 2024.
‎January 28, 2025
8:09 AM