I bought kitchen cabinets at hte end of 2022 to upgrade my rental property, but could not compete the stallation until 2023. How do I enter the expenses from 2022 when I don't put them in service unti...

I bought kitchen cabinets at hte end of 2022 to upgrade my rental property, but could not compete the stallation until 2023. How do I enter the expenses from 2022 when I don't put them in service until the 2023?

posted

You can add the cabinets as a Rental Asset in 2023 (when placed into service).

You will be able to indicate that you purchased them in 2022.

The cost will be depreciated over several years.

Here's more info on Capital Improvements for Rental Property.

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Converting my rental to primary residence in July 15 2023 & Converting my primary residence to rental in Oct 6, 2023

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I bought kitchen cabinets at hte end of 2022 to upgrade my rental property, but could not compete the stallation until 2023. How do I enter the expenses from 2022 when I don't put them in service until the 2023?