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Level 1
posted Apr 12, 2022 9:56:46 AM

When can I deduct instruments that were put to use in 2021 and not paid entirely for till 2022?

I'm a Musician. I purchased a couple of instruments on a 12 month payment plan that started in 2021 and ended in 2022. The instruments were put to use in 2021. Do I still have to wait until next year to claim them? Do I just claim what I paid in 2021?

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1 Best answer
Expert Alumni
Apr 12, 2022 10:08:30 AM

No, you can start depreciating from the time they are placed in service. They are considered to be paid for.

2 Replies
Expert Alumni
Apr 12, 2022 10:08:30 AM

No, you can start depreciating from the time they are placed in service. They are considered to be paid for.

Level 1
Apr 12, 2022 11:08:10 AM

Great! Thank you!