Hi, What does mean accrued method for this rental income, also I paid 2023 tax of England on 02/28/2024
for $485 So, I am confused , I can choose accrual or I can choose cash, your answer is :::If you report on the cash basis, you can choose to take the credit for accrued taxes by checking the “Accrued” box in Part II on a timely filed original return.
I did not get that.
my last tax return, box paid is marked by a tax preparer, now what should be?
Can I take accrual, and what does mean , I mean how can I calculate the amount, is it possible give an example based on my situation?
Thanks
