Does the date on receipts matter?

[Wesley C.]

For tax purposes, can I make purchases to be used in a rehab before the actual closing date. For example, you find a floor model stove that is exactly what you had planned on purchasing but this one is $300 less than the new one. If the receipt date on said item falls prior to the closing date, is it copacetic with the IRS since you actually don't own the property yet?

[John Adamkewitz]

I have purchased appliances and not used or claimed them until the following tax year (After close) and then put them on a 5 year deprecation schedule as per My CPA's advice, the following tax year.

I'd make pretty sure that You had a need for them, if the close fell thru. I keep at least 1 full set of appliances on hand at all times, it makes life easier.

John