Can I deduct an expense from on my tax returns for a recent 1099misc box3 that I recieved?

rosinrd — Sat, 01 Jun 2019 18:20:54 GMT

Received a 1099misc (box 3 filled in) for a income received to my business after it has been closed for over a year now. The company took the bad debt that was being collected from me and turned around and made it an income towards me instead. A large chunk of the income was related to an advertisement campaign that I was signed up for. I didn't claim this expense in prior years but want to know if I can claim it for this year.

No, you cannot claim it this year. You generally need to...

Vanessa — Sat, 01 Jun 2019 18:20:54 GMT

No, you cannot claim it this year. You generally need to claim expenses in the year they are paid. If you want to claim an advertising expense for a year that the expense was paid you would need to Amend Your Return for that year.

topic Can I deduct an expense from on my tax returns for a recent 1099misc box3 that I recieved? in Get your taxes done using TurboTax

Can I deduct an expense from on my tax returns for a recent 1099misc box3 that I recieved?

No, you cannot claim it this year. You generally need to...