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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This is for a rental property.

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.

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