Hello,
The buyer of the property canceled the deal just a few hours before signing the final documents. Is the retaining earnest money an income for the seller to be entered on TurboTax? If so, where? Thanks for your help. David
You'll need to sign in or create an account to connect with an expert.
Yes. A forfeited deposit is income to you. The would be buyer paid you for the right not to sell the property to anyone else for a specified period of time.
Report this as Other Income.
Yes. A forfeited deposit is income to you. The would be buyer paid you for the right not to sell the property to anyone else for a specified period of time.
Report this as Other Income.
ErnieS0, Thank you so much for your quick response. Highly appreciated. David
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
maraujo68
New Member
jamiebrakken
Level 2
hiakiu
New Member
Shak187
New Member
taxologist
Level 1
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.