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Earnest money released to me, but closing is next year...
I am selling my house to a developer and after a lengthy feasibility period the earnest money ($37,500) will be released to me directly. The closing date is 12 months from now. Will I have to report this as income and pay tax on it for 2019 or can i defer it until the sale is either fully closed in 2020?....or the buyer backs out (in which case i keep the money)
Thanks.
‎September 16, 2019
9:01 PM