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Earnest money from failed sale of home contract
I had a situation where a buyer did not close on purchase of my home. Fortunately I quickly found another buyer and the sale went through with them. I took the first buyer to court to recover the earnest money that was held by the closing company. After a settlement, I have now received the held money. Can anyone confirm if the earnest money I received is considered short term capital gain, normal income or can it be included in the proceeds from selling my home.
‎October 28, 2020
5:09 PM