64926
You'll need to sign in or create an account to connect with an expert.
This is not a gray area. When the improvements are complete, this is the date the improvements would be considered "placed in service" or "placed in use". Assets begin depreciation options and deductions on the date placed in service.
For example, if new appliances were installed depreciation begins on the date they can first be used. On the other hand if you are doing renovations such as a new roof, the roof depreciation begins when it is complete.
Since the actual work will not begin or be completed until 2017, the depreciation will begin in 2017.
This is not a gray area. When the improvements are complete, this is the date the improvements would be considered "placed in service" or "placed in use". Assets begin depreciation options and deductions on the date placed in service.
For example, if new appliances were installed depreciation begins on the date they can first be used. On the other hand if you are doing renovations such as a new roof, the roof depreciation begins when it is complete.
Since the actual work will not begin or be completed until 2017, the depreciation will begin in 2017.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
syounie
Returning Member
ramseym
New Member
DallasHoosFan
New Member
eric6688
Level 2
William--Riley
New Member