How much rent expense may meghan deduct on her tax return, Accounting Basics

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How much rent expense may meghan deduct on her tax return

Problem

Meghan, a calendar year taxpayer, is the owner of a sole proprietorship that uses the cash method. On February 1, 2022, she leases an office building to use in her business for $145,950 for an 18-month period. To obtain this favorable lease rate, she pays the $145,950 at the inception of the lease. How much rent expense may Meghan deduct on her 2022 tax return?

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Accounting Basics: How much rent expense may meghan deduct on her tax return

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