Solved: 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?
Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
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?

 
1 Best answer

Accepted Solutions
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.

View solution in original post

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.

View solution in original post

Dynamic AdsDynamic Ads
v
Privacy Settings