Hired contractor to paint a rental house I own Dec 2016, paid $800 down. Paid balance Jan 5, 2017 when work completed. Can I deduct total expense for 2016 taxes?
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Hired contractor to paint a rental house I own Dec 2016, paid $800 down. Paid balance Jan 5, 2017 when work completed. Can I deduct total expense for 2016 taxes?
Hired contractor to paint a rental house I own Dec 2016, paid $800 down. Paid balance Jan 5, 2017 when work completed. Can I deduct total expense for 2016 taxes?
Under the cash method, generally, you deduct expenses in the tax year in which you actually pay them.
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