Marie Posted February 23, 2021 Report Share Posted February 23, 2021 Client made a deal to sell property in 2020, but because the title company is so far behind, the actual exchange of money won't be until 2021. Can I sell the property and pay on the profit in 2020? If so, how do I handle the 1099 in 2021? Quote Link to comment Share on other sites More sharing options...
Abby Normal Posted February 23, 2021 Report Share Posted February 23, 2021 No. 1 Quote Link to comment Share on other sites More sharing options...
Lee B Posted February 23, 2021 Report Share Posted February 23, 2021 3 hours ago, Marie said: Client made a deal to sell property in 2020, but because the title company is so far behind, the actual exchange of money won't be until 2021. Can I sell the property and pay on the profit in 2020? If so, how do I handle the 1099 in 2021? Your client could have fixed this problem by closing though a real estate attorney before year end. Don't try to fix this for your client because then it's becomes your problem. Quote Link to comment Share on other sites More sharing options...
Marie Posted February 23, 2021 Author Report Share Posted February 23, 2021 ok, thanks Quote Link to comment Share on other sites More sharing options...
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