turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

I pre-paid Car Registration for next 5 years. Do I deduct the full amount paid in 2020? or do I only deduct 1/5th of the total payment?

 
Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
AmyC
Expert Alumni

I pre-paid Car Registration for next 5 years. Do I deduct the full amount paid in 2020? or do I only deduct 1/5th of the total payment?

1/5 as a cash taxpayer. Expenses beyond a year only for accrual based taxpayers -which are not individuals.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies