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Question

Can income from a closing held for 30 days so the income will be reported in 2009. If we are paid that check this year all of it will go to taxes, so how do we legally accomplish this.

Submitted: 388 days and 10 hours ago.
Category: Legal
Value: $45
Status: CLOSED
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Optional Information

knoxville, Tennessee

Already Tried:
Nothing. I am trying to get letters from sellers to confirm the money is to be paid, but the amount of check will only go to taxes this year so would like to have guaranteed income to start the year. I work on commissions and fees, I am a small business owner. Can an escrow account be set up to hold it or client write a letter for me to be paid in 30 days after closing which will go into 2009

Accepted Answer

No. If you are on a cash accounting basis and you get the funds in 2008, it is taxable in 2008. You would have to receive it in 2009 in order for it to be in 2009's income. I am sorry. Please let me know if you have other questions.

I hope that I have helped you and that I have answered all of your questions. Please
ask more questions if I have not answered all of your questions.

Please be aware that my answer is not legal advice, it is merely information. Because
I do not not have access to your documents and your specific facts, you should consult
with a lawyer in your area for a specific answer to your legal issue.

You and I have not entered into an attorney/client relationship, and I am not
responsible for your legal rights. The only way for us to be in an
attorney/client relationship is if you have signed a written retainer agreement
with my law firm.


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Expert: J D Haas
Pos. Feedback: 99.0 %
Accepts: 
Answered: 10/30/2008

Lawyer (JD)

21 years as a serious injury/wrongful death trial lawyer; nationally board certified; 43 jury trials

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