I sold land & got a deposit on it in 2015, but didn't close until 2016. The 1099 shows the full amount of the sale, including the deposit, in 2016. When do I count depos
I sold land & got a deposit on it in 2015, but didn't close until 2016. The 1099 shows the full amount of the sale, including the deposit, in 2016. When do I count depos
Do I count the deposit as income in 2015 or 2016 since it's in eluded in the 1099 from the real estate attorney?
I sold land & got a deposit on it in 2015, but didn't close until 2016. The 1099 shows the full amount of the sale, including the deposit, in 2016. When do I count depos
If it was just a deposit, then it would have had to be returned if the sale did not go through.
You report the sale in 2016, with the sale price including the deposit (all in 2016).
I sold land & got a deposit on it in 2015, but didn't close until 2016. The 1099 shows the full amount of the sale, including the deposit, in 2016. When do I count depos
If it was just a deposit, then it would have had to be returned if the sale did not go through.
You report the sale in 2016, with the sale price including the deposit (all in 2016).
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