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

[morguitar60]

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?

[ColeenD3 · Accepted solution]

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

[morguitar60]

Great! Thank you!