insurance bill - deferred payment

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posted
13 years ago

Fri, Apr 15, 2011 2:14 AM

Received an insurance bill for a rental building the end of last year 2010 - However we paid the bill in this year 2011.

So - do we NOT claim the Insurance expense on Sched E for 2010 taxes ? since we actually paid the bill in 2011...

What about "adjustments" from 2007, 2008, 2009, 2010 that were finally paid to the insurance company this year ?

Do we claim ALL these Insurance expenses next year on our Sched E for 2011 ?

tnx - not my doing :)

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posted
13 years ago

Fri, Apr 15, 2011 5:28 AM

Cash basis taxpayers (almost all individuals are cash basis) take most deductions, including this one, in the year they pay it. So yes, in

2011 you claim all these deductions.

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