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All Forum Posts by: Patty Mac

Patty Mac has started 1 posts and replied 1 times.

Tax, SDIRAs & Cost Segregation

Post: put siding on in 2023, but paid in 2024

Patty MacPosted
  • Posts 1
  • Votes 1
I'm doing my 2023 taxes (late) and we had some siding and gutters put on in Fall 2023, however we did not pay for it (~$13,000) until summer 2024. Do I record this in my 2023 or 2024 taxes?  I know it is a capital improvement and needs to be depreciated - which makes me think to claim it in 2023 when the work was done, but since we didn't pay it until 2024 - that seems wrong.  But waiting until 2024 when we paid for it seems wrong as it was "put into service" in 2023.  I asked my old tax guys (who is retired) he suggested claiming it in 2023, but he was on the fence about it.  Help, I'm confused.
1 Vote
Saint Paul, Minnesota