I am self employed. If I bought equipment in 2022 on a business credit card but did not finish paying it off until 2023 can I write if off for 2022? total amount $1200

I own a photography business. the purchase was for lighting gear . I used a credit card with a 0% interest promotion but did not pay it off until 2023.

234

Level 15

Apr 11, 2023 8:29:26 AM

Yes you can expense or depreciate it in 2022. Putting it on a credit card is the same as paying for it.

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I am self employed. If I bought equipment in 2022 on a business credit card but did not finish paying it off until 2023 can I write if off for 2022? total amount $1200