I replaced a HVAC unit on my rental, I signed the contract on 12-27-2023 and the unit went into service 01-05-2024. Do I use the contract date or In Service date?

Trying to learn what tax year I can start writing off my capital improvements

posted

Connect with an expert

1 Best answer

Accepted Solutions

Since the unit was placed in service in 2024 you will report the HVAC as an asset on the 2024 tax return you will file next year.

2 Replies

Since the unit was placed in service in 2024 you will report the HVAC as an asset on the 2024 tax return you will file next year.

Thank you DoninGA

Still have questions?

Questions are answered within a few hours on average.

*Must create login to post

Do you have an Intuit account?