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Business & farm
There is an election available to defer the taxability.
Look at the actual form line 5c and then 5d.
Walk back through the questions asked by TT regarding any election to defer to make sure you have answered this correctly. The default byTT may be to defer.
In the end, you need to determine if you want to tax in 2020 or defer to 2021.
*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.
Also keep in mind the date of replies, as tax law changes.
‎February 27, 2021
5:23 AM