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New Member
posted Apr 13, 2025 5:27:15 PM

I ordered a gas fireplace and paid for 1/2 in 2024, and paid the rest in early 2025 when it was installed. What should I enter on my 2024 return?

I would prefer setting it up as a depreciating asset in either 2024 or 2025, but I could also expense what I paid in each year (2024 and 2025).

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2 Replies
New Member
Apr 13, 2025 5:32:19 PM

This is for a rental property.

Expert Alumni
Apr 14, 2025 10:36:02 AM

You would report this rental asset in the year it was placed in service (ready to be used). It doesn't matter when you actually paid for it.