topic Deduction of City Business & Occupation Tax paid the year after business was sold in Deductions & credits

Deduction of City Business & Occupation Tax paid the year after business was sold

damphamus — Tue, 31 Mar 2020 02:26:21 GMT

My wife sold her business in July 2019 and is filing her return as a sole proprietor. Could she deduct the B & O tax for 2019 which was filed and paid to the city government in January 2020?

Re: Deduction of City Business & Occupation Tax paid the year after business was sold

ThomasM125 — Tue, 31 Mar 2020 02:50:26 GMT

She can deduct the tax on her final business tax return even though it was paid in the next tax year.