You'll need to sign in or create an account to connect with an expert.
No, if are on a cash basis, it would be deducted in the year you pay it. If you make the funds AVAILABLE, for instance, write a check in December, it is considered as paid in December. It does not matter if the funds had been drawn before the end of the year, only that the check was given or mailed before the end of the year.
[Edited 03.10.18 | 12:20PM]
No, if are on a cash basis, it would be deducted in the year you pay it. If you make the funds AVAILABLE, for instance, write a check in December, it is considered as paid in December. It does not matter if the funds had been drawn before the end of the year, only that the check was given or mailed before the end of the year.
[Edited 03.10.18 | 12:20PM]
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
obeteta
New Member
malvinchip
Level 1
debraphillips130
New Member
stalder5
New Member
razor5
Level 3
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.