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slara22
February 4, 2024
Solved

Improvement depreciated 2023 or 2024?

  • February 4, 2024
  • 1 reply
  • 0 views

Hello,

 

I signed a contract to replace the windows of our home in November 2023, and paid the 1st installment of the cost then. 

 

In January 2024, I paid the 2nd installment. This week (Feb 2024) we will have our windows installed and we will pay the 3rd and final installment.

 

Should I depreciate the cost of this improvement in my 2023 or my 2024 taxes? I have a home office and plan to depreciate it, just want to make sure when I should do that.

 

Thanks in advance!

    Best answer by DoninGA

    Since the installation was not completed until 2024, you would depreciate them on the 2024 tax return next year.

    1 reply

    DoninGA
    DoninGAAnswer
    February 4, 2024

    Since the installation was not completed until 2024, you would depreciate them on the 2024 tax return next year.

      S
      slara22Author
      February 7, 2024

      Thanks!

       

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