Hi - quick question about correctly depreciating the cost of a new roof on a rental property.
The need for a new roof was identified in fall 2024, and with the way the billing worked out with the contractor, I needed to pay 50% up-front in Dec 2024, and will pay the remaining in Feb 2025.
My question is when will I be able to depreciate the asset? Can I depreciate the first 50% in 2024 and include the remaining 50% in my 2025 return, or is the guideline to only include it in 2025 once the full asset is in service?
Thanks!
