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February 27, 2023
Question

I bought kitchen cabinets at hte end of 2022 to upgrade my rental property, but could not compete the stallation until 2023. How do I enter the expenses from 2022 when I don't put them in service until the 2023?

  • February 27, 2023
  • 1 reply
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    1 reply

    February 28, 2023

    You can add the cabinets as a Rental Asset in 2023 (when placed into service).

     

    You will be able to indicate that you purchased them in 2022.

     

    The cost will be depreciated over several years. 

     

    Here's more info on Capital Improvements for Rental Property.