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January 30, 2020
Question

Can we claim a credit for a purchase made via monthly installments if it was an item required for my wife's cleaning job but we haven't finished paying it off yet?

  • January 30, 2020
  • 1 reply
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1 reply

January 30, 2020

Yes, if you purchased the item and she used it in her business during 2019, you can claim the expense in 2019 even if you haven't finished paying it off. If it is an expensive item designed to last more than one year, you should list it as an asset under the business.

 

 

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