MonikaK1
Expert Alumni

Deductions & credits

As a cash-basis taxpayer, you claim deductible expenses in the year you paid them. There would be an exception if you paid for a multi-year policy all at once, in which case you would need to prorate the amount to deduct each year.

 

See this help article for more information about the cash method of accounting.

 

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