I'm planning on stocking up on appliances and vinyl plank flooring this weekend for property I own and possibly future ones, just storing the stuff until I need it. How does that all work when deducting on taxes? Do you deduct/depreciate it the year bought even though you may not use it for a year or more? Example is the vinyl plank is for 2 units that are occupied right now with tenants, units are all carpet and I am planning ahead for when they eventually move out.
I did this last year with Ceiling fans, lights, and bathroom vanities (bought 6) and appliances used everyone of them...Last vanity going in next month.. My accountant claimed the materials in the year they were bought. Flooring and appliances will most likely be depreciated though. If your paying labor that would be in the year they are installed. For me I am just a year ahead on my materials and they will need to be replenished anyways. If that makes sense?
I have enough vinyl plank to do 5-7 units depending on units that I bought this fall on close out from menards (bought every piece they had it was delivered on a semi to my building). For 2018. I am also 2 deep on fridges stoves and dishwashers. I Plan on stocking up on a specific vanity at Lowes. It will work in about 25 of our units. Haven't found the deal on light fixtures or ceiling fans I got last year...