Should I report sale of rental property in 2016 when closing was Dec. 30, but funds not transferred or mortgages, etc closed until 2017?
Transfer or proceeds for sale and repayment and other costs were delayed until January 2017 because of New Years Holiday. Closing was December 30,2016.I did not live in home but used it as rental property.
02819
1 Best answer
TomD8
Level 15
May 31, 2019 8:44:06 PM
For tax purposes the date of sale is the closing date. That's the date when the property legally changes hands.
2 Replies
TomD8
Level 15
May 31, 2019 8:44:06 PM
For tax purposes the date of sale is the closing date. That's the date when the property legally changes hands.
ejerryh
New Member
May 31, 2019 8:44:08 PM
Thank you for your assistance. I assume that costs which were not cleared until 2017, such as mortgage interest, would carry over to the 2017 return?