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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 13127
Experience:  15years with H & R Block. Divisional leader, Instructor
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I received SCHEDULE K1. The amount is $50,000. Part of that

Customer Question

I received SCHEDULE K1. The amount is $50,000. Part of that was sent the end of the year by check. $10,000. I deposited the check in January when I got it. When do I claim the $10,000.
The company that sent it is cash basis
Submitted: 7 months ago.
Category: Tax
Expert:  Robin D. replied 7 months ago.


You claim the income in the year it was designated or sent not just when you finally deposited.

Income although not actually reduced to a taxpayer's possession is constructively received by him in the taxable year during which it is credited to his account, set apart for him, or otherwise made available so that he may draw upon it at any time, or so that he could have drawn upon it during the taxable year if notice of intention to withdraw had been given.

You had the payment you just did not deposit.

26 CFR 1.451-2 - Constructive receipt of income.

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Expert:  Robin D. replied 7 months ago.

Checking to see if you responded

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