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taxmanrog
taxmanrog, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 741
Experience:  Licensed CPA, MA, MST with 31 years' experience. Teach Accounting and Tax courses at Masters level.
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If i sell my my house on dec 31 2016 and i receive the cash

Customer Question

if i sell my my house on dec 31 2016 and i receive the cash on sept 30 can i still show sales in 2016 return
JA: The Expert will know how to help. Please tell me more, so we can help you best.
Customer: i have a house in india which i sold on cecember 31 with a note to ger paid in sept 2017. is the sale in 2017
JA: Is there anything else important you think the Expert should know?
Customer: sold on december 31
Submitted: 1 month ago.
Category: Tax
Expert:  taxmanrog replied 1 month ago.

Welcome to Just Answer! Thank you for giving me the opportunity to assist you! I will do my best to help!

Please give me a few minutes to type your answer.

Expert:  taxmanrog replied 1 month ago.

If you sold the house on Dec 31 2016, you would report the sale in 2016. Even though you did not get the cash, you got a note receivable. That note has value, therefore you received value for the sale in 2016.

I hope this answers your question. If you have any more, please feel free to ask and I will be happy to answer.

Thanks! Have a great week!

Roger

Expert:  taxmanrog replied 1 month ago.

I have not heard back from you. Do you have any further questions?

If you don't, can you please rate me? That is how the question is closed.

Thanks!

Roger