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SALE OF PROPERTY


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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? 

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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.

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