I purchased the windows in 2018 and paid for part of the bill in 2018 and the rest in 2019. Can I claim the amount I paid in 2019?
03350
3 Replies
LeonardS
Expert Alumni
Mar 18, 2020 8:57:21 AM
Did you put the amount of the purchase on a credit card or did you finance the amount? If you did either then you should have deducted the expense on your 2018 tax return. If this is the case you will have to amend your 2018 tax return to claim the full amount of the expense.
Correct - financed. They gave me 11 months zero percent.
LeonardS
Expert Alumni
Mar 18, 2020 10:40:34 AM
For tax reporting purposes, when you finance a purchase it is considered that you paid the expense in full, so you will deduct the full amount in the year you made the purchase.