Depreciation question when item paid for over 2 years

user33 · ‎February 22, 2023

How do I record a deposit made in 2022 for a depreciable asset placed in service in 2023? It's rental property.

MinhT1 · ‎February 22, 2023

An asset can only be depreciated from the date it is placed in service.

So for tax year 2022, your deposit is not recorded on your tax return. Just keep a note of it to add it to the cost of the asset in 2023.

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MinhT1 · ‎February 22, 2023

An asset can only be depreciated from the date it is placed in service.

So for tax year 2022, your deposit is not recorded on your tax return. Just keep a note of it to add it to the cost of the asset in 2023.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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