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Normally how are property tax refund for previous year

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Hi. Normally how are...

Hi. Normally how are property tax refund for previous year recorded for the current year. The business is a partnership. This refund is not consider income correct?

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Yes, how should the refunds be recorded in Quickbooks?

Submitted: 4 months ago.Category: Tax
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3/20/2018
Tax Professional: Carter McBride, Certified Public Accountant (CPA) replied 4 months ago
Carter McBride
Carter McBride, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,276
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Hey! I'm Carter, I'm a CPA and can help.

You're record it as other income for the partnership. Since you took a deduction for it in the prior year, you need to bring it back into income the next year.

Let me know if you need anything else. If not, please leave a a rating. Thanks!

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Tax Professional: Carter McBride, Certified Public Accountant (CPA) replied 4 months ago

Hey! Just wanted to follow up to see if you needed anything else. If not, please leave a rating so I can get credit for helping you out. Thanks!

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