To reduce my income on rental property, can I prepay utilities and declare as expense this year?
I want to reduce my taxable income and so I’m thought of prepaying my gas, electric, water and nonsense on my leasing property and declaring these expenses on the Schedule E in the 2007 tax return? Allowed even though technically the charges place of protection’t accrued yet?
You can prepay these and any items, including mortgage prinicpal and appeal if there is debt. Really allowed.