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mike55
New Member

With cash basis, what year can business expense be deducted when using debit card, receipt is dated 12/29/17, but money doesn't come out of bank account until 1/2/18?

 
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1 Reply
Carl
Level 15

With cash basis, what year can business expense be deducted when using debit card, receipt is dated 12/29/17, but money doesn't come out of bank account until 1/2/18?

Expenses are claimed in the tax year they are incurred. You incurred the expense, the moment you swiped the card. It doesn't matter when it was taken from the account.

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