Tax Deduction Question

[Joshua Knapp]

To take expense deductions for 2020 on a new property being used as a b/b such as appliances, furniture etc, does the receipt need to be dated in 2020 or can it be dated up until filing deadline of 4/15/2021?

[Eamonn McElroy]

It doesn't matter what date is on the receipt.

When did the benefits and burdens of ownership transfer?  What is your method of accounting?  When did you pay for it?

Individuals are generally cash method of accounting, calendar year taxpayers.  If benefits and burdens transfer before 12/31/2020, and you pay for it, either with cash or credit card before 12/31/2020, it's a 2020 expense.  Otherwise, it's a 2021 expense.