Posted: 4/14/2008 12:11:51 PM EDT
| So from my understanding since I paid my 2007 Real Estate Taxes on January 2008, then I can not deduct the amount on my 2007 Form 1040 Schedule A. My question is can I deduct for 2007 if I claim I am not using a cash accounting method? |
Correct, as a cash basis taxpayer.
Just going to take a guess here, but I don't think it is that easy to swap over to the accrual basis, and even if you did, you would only be able to deduct it in 2007 if it was due and payable in 2007. Search on the IRS' website for accural basis taxpayer. |