topic Deductions in Deductions & credits

Deductions

grjohnston87 — Wed, 17 Mar 2021 13:48:15 GMT

We ordered new windows late last year and we were approved for financing. We have not made any payments as of 3/17/2021 and they were installed last month. Are we able to deduct these for the year of 2020 or do we need to wait until payments are made?

Re: Deductions

MinhT1 — Wed, 17 Mar 2021 14:02:33 GMT

No, you cannot claim the credit for your new windows in 2020.

You can claim the credit only in the year the windows are placed in service (2021).

Re: Deductions

grjohnston87 — Wed, 17 Mar 2021 14:04:20 GMT

Thank you for that short but concise answer. Def what I was looking for!