Schedule C Question Regarding Charge Cards and Refunds

Forum|Forum|5 years ago
December 31, 2020
2 replies
14 views

For business purposes, in 2020 we charged an airline ticket for $1000. The airline later refunded the $1000 in the same year.

How is the expense reported on the Schedule C? How is the refund reported?

Bsch4477

Level 15

Easiest path is not to report the expense or the refund since they cancel each out.

solosksAuthor

Level 2

OK.

The next question. We deducted business expenses in 2019 that were later refunded in 2020 by credit card. Are those refunds reported as income in 2020.

Schedule C Question Regarding Charge Cards and Refunds

2 replies

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