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Cdocowens1
January 31, 2023
Question

furniture and supplies for rental property

  • January 31, 2023
  • 1 reply
  • 0 views

I have been purchasing furnishings for a rental property that I have under construction.   The property was supposed to go into service Jan 1, 2023 but it is delayed until March 1 2023.  My question is how can I write off or deduct my purchases made for this property in 2022 ?

    1 reply

    M
    MinhT1
    January 31, 2023

    No.

     

    Depending on whether furnishings have a unit price of less than $2,500 or not, they can be expensed or capitalized to be depreciated. And this can only occur when the furnishings are placed in service, i.e. in 2023. 

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