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February 6, 2025
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Schedule C Expenses

  • February 6, 2025
  • 1 reply
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If I receive self-employed Schedule C income in 2024 relating to work done in 2023, can I now (in 2024) deduct the 2023 expenses relating to that income?

    Best answer by Bsch4477

    No. Assuming that you are on a cash basis you report income in the year received and expenses in the year you paid them. 

    1 reply

    Bsch4477Answer
    Employee
    February 6, 2025

    No. Assuming that you are on a cash basis you report income in the year received and expenses in the year you paid them. 

    February 7, 2025

    Thanks for the prompt response.  Not the answer I was hoping for but it is what it is.