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Updated about 7 years ago,
Stocking up on items for future need on Black Friday
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.