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Level 2
March 17, 2021
Solved

Deductions

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?

    MinhT1Answer
    Alumni - Intuit
    March 17, 2021

    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).

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    2 replies

    MinhT1Answer
    Alumni - Intuit
    March 17, 2021

    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).

    **Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"
    Level 2
    March 17, 2021

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