turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

I had a business expense in 2022 that was not used until 2023 (and not claimed in 2023) can it be claimed in 2024?

The expense was for a publishing package.  It was incurred in May of 2022.  The book (under that publishing package) was not published until March of 2023.  No claim was made for the expense as the book had not been published or had any revenue.  The book made revenue in 2023 which is to be reported (2024).  May I claim the 2022 publishing expense this year?
Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
ThomasM125
Expert Alumni

I had a business expense in 2022 that was not used until 2023 (and not claimed in 2023) can it be claimed in 2024?

The expense in 2022 should be reported in the year the business is up and running, which would seem to be 2023 as that is when the book was available for sale evidently. As such, it would be considered inventory in this case and deductible in 2023 as cost of good sold.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies