Hello,
We run a small family daycare and we were temporarily closed throughout 2023. We plan to reopen this year.
We made capital improvements in 2023 to increase our daycare capacity (new fencing in the backyard, artificial turf, and labor). I understand that capital improvements cannot be depreciable until placed in service i.e. 2024 when we reopen. Just want to confirm this is correct.
Since we were not operating in 2023, should anything be reported for business income and expenses?
