Tax, SDIRAs & Cost Segregation
Market News & Data
General Info
Real Estate Strategies
Short-Term & Vacation Rental Discussions
presented by

Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Creative Real Estate Financing
presented by

Tax, SDIRAs & Cost Segregation
presented by

1031 Exchanges
presented by

Real Estate Classifieds
Reviews & Feedback
Updated 7 months ago on .
Most recent reply
presented by
put siding on in 2023, but paid in 2024
I'm doing my 2023 taxes (late) and we had some siding and gutters put on in Fall 2023, however we did not pay for it (~$13,000) until summer 2024. Do I record this in my 2023 or 2024 taxes? I know it is a capital improvement and needs to be depreciated - which makes me think to claim it in 2023 when the work was done, but since we didn't pay it until 2024 - that seems wrong. But waiting until 2024 when we paid for it seems wrong as it was "put into service" in 2023. I asked my old tax guys (who is retired) he suggested claiming it in 2023, but he was on the fence about it. Help, I'm confused.