Tony_S (User)
Fresh Boarder
Posts: 18
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trip in 2007, credit card bill in 2008 9 Months ago
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Karma: 2
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I took an unreimbursed business trip in Dec 2007. I'm paying the credit card bill for the trip in 2008.
Can I deduct the trip expenses for 2007 or will the expenses go toward 2008?
T
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Miami LS (User)
Junior Boarder
Posts: 32
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Re:trip in 2007, credit card bill in 2008 9 Months ago
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Karma: 0
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Is this for your individual income tax return? If so, you are considered a "cash basis" taxpayer, so as long as the expense was incurred in 07, its an 07 expense, regarding of when it was paid.
If this happened under a corporate entity and you elected to use the "accrual" method of accounting and reporting, then the expense may be suspended until it is actually paid.
Hope that helps.
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Kash (User)
Junior Boarder
Posts: 27
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Re:trip in 2007, credit card bill in 2008 9 Months ago
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Karma: 1
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what if you dont save the receipt, but you have the credit card statement? Is that enough evidence to claim a deduction?
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