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trip in 2007, credit card bill in 2008 (1 viewing) (1) Guest
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TOPIC: trip in 2007, credit card bill in 2008
#890
Tony_S (User)
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trip in 2007, credit card bill in 2008 9 Months, 1 Week ago Karma: 2  
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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#891
Miami LS (User)
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Re:trip in 2007, credit card bill in 2008 9 Months, 1 Week ago Karma: 0  
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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#894
Kash (User)
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Re:trip in 2007, credit card bill in 2008 9 Months, 1 Week ago Karma: 1  
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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