My federal income tax report is due on April Q. I bought various assets between April 15 and December 31 of last year. When do I report them?

Report the assets this year. The assets are reportable for federal income tax in the current year. The fact that the reporting deadlines for property tax fall before reporting deadlines for federal income tax does not postpone the taxability by one year. This provision is in line with the IRS’s position that “depreciation for tax purposes begins when an asset is placed in service and ends when it is retired from service.” The IRS considers an asset placed in service “when it is in a condition or state of readiness and availability for its assigned function.”