Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime
Tax, SDIRAs & Cost Segregation
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated 7 months ago on . Most recent reply presented by

User Stats

1
Posts
1
Votes
Patty Mac
1
Votes |
1
Posts

put siding on in 2023, but paid in 2024

Patty Mac
Posted
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.

Loading replies...