topic I have a legal business but not open yet. I purchased equipment that I'm storing. Do I start depreciation the year I bought or can I wait till I'm using for the business? in Get your taxes done using TurboTax

I have a legal business but not open yet. I purchased equipment that I'm storing. Do I start depreciation the year I bought or can I wait till I'm using for the business?

renuing — Mon, 03 Jun 2019 19:12:56 GMT

I may not be open for business for a year or two, I'd like to wait till I start using the equipment to start depreciation deductions. I'm wondering if it matters that I bought and stored the equipment for two years.

No, it will not matter that the equipment was purchased a...

AnnetteB — Mon, 03 Jun 2019 19:12:57 GMT

No, it will not matter that the equipment was purchased and stored before you placed it into service with your business.

When you enter the asset for depreciation after you start using it, you will be asked for the date it was placed in service and you may be asked for the date of purchase. It will not matter that they are not the same date. The depreciation will begin on the date it is placed in service.