Tax write offs and depreciation

[William Arrington]

I am closing on 2 AIRBNBs and have started buying the things they will need. The question I have is... Will I be able to write off and depreciate the items since I technically do not own them for another week or 2. Everything being purchased is for the property but I don't want to get stuck without an item because of how weird the economy has been with no inventory.

[Ashish Acharya]

Originally posted by @William Arrington:

I am closing on 2 AIRBNBs and have started buying the things they will need. The question I have is... Will I be able to write off and depreciate the items since I technically do not own them for another week or 2. Everything being purchased is for the property but I don't want to get stuck without an item because of how weird the economy has been with no inventory.

Yes, you will get to depreciate them once you put the assets you bought in service. You are not going to lose the depreciation because you bought these before you are closing on the property. Also, talk to your CPA regarding the cost seg on the STR.