If You Charge Deductible Items This Year , Take Note Of Some Tricky Rules:
For charges made with a retail store credit card, you are allowed to claim the deduction only in the tax year in which you pay the bill
For transactions with a bank credit card, you can take the deduction in the year that the item was charged, even if you pay the bill next year.
Kiplinger Tax Letter
For charges made with a retail store credit card, you are allowed to claim the deduction only in the tax year in which you pay the bill
For transactions with a bank credit card, you can take the deduction in the year that the item was charged, even if you pay the bill next year.
Kiplinger Tax Letter
posted by Milt Baker CPA | 12:00 PM
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