Can I deduct a 2014 expense if I pay for it in 2013?

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  • Can I deduct a 2014 expense if I pay for it in 2013?


Answer #1 | 19/12 2013 11:19
Income taxes are cash basis, not accrual.
Answer #2 | 19/12 2013 11:30
You can deduct the expenses only in the year the yare physically paid for.
Answer #3 | 19/12 2013 11:51
You deduct it in the year that you actually pay, so if you pay in 2013, you take the deduction on your 2013 return.
Answer #4 | 19/12 2013 13:14
since there is a time limitation to this credit, it would be better to claim it in 2014 after you have complied with this limitation if you claimed it in 2013 and did not comply you would have to amend the 2013 return and pay back what you were allowed to reduce your taxes
Answer #5 | 22/12 2013 22:46
Take the deduction in the year you paid for it.
Answer #6 | 20/12 2013 11:52
No. Simply because you had no legal obligation to pay it in 2013 as the move and resultant debt did not occur until 2014. Tax deductions ARE cash basis BUT the debt has to be real when paid.

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