We have farm rental income. We are installing a center pivot which is costing +$200,000. We put a downpayment of $50,000 in 2024. The installation was complete in 2024 however it will not actually be used until 2025. How do we report on my 2024 tax return?
For 2024 you won't report anything. For 2025 you will report the full cost - including that $50,000 down payment - as a depreciable asset as of the first date that the center pivot is placed in service.
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