I had a business expense in 2022 that was not used until 2023 (and not claimed in 2023) can it be claimed in 2024?

Forum|Forum|2 years ago
January 30, 2024
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The expense was for a publishing package. It was incurred in May of 2022. The book (under that publishing package) was not published until March of 2023. No claim was made for the expense as the book had not been published or had any revenue. The book made revenue in 2023 which is to be reported (2024). May I claim the 2022 publishing expense this year?

TurboTax Online

ThomasM125

The expense in 2022 should be reported in the year the business is up and running, which would seem to be 2023 as that is when the book was available for sale evidently. As such, it would be considered inventory in this case and deductible in 2023 as cost of good sold.

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