I hired a contractor to renovate my rental property in October this year. I gave him a check, and he provided me with a receipt. However, as of today, he hasn't cashed or deposited the check. If he doesn't deposit the check by 12/31/2024, can I still report it as a rental expense on Schedule E of my 2024 tax return?
There is no way to select accounting method on the Schedule E.
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