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If i sell my my house on dec 31 2016 and i receive the cash…

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If i sell my...

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

Accountant's Assistant: The Expert will know how to help. Please tell me more, so we can help you best.

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

Accountant's Assistant: Is there anything else important you think the Expert should know?

Sold on december 31

Submitted: 8 months ago.Category: Tax
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Answered in 23 minutes by:
9/8/2017
Tax Professional: taxmanrog, Certified Public Accountant (CPA) replied 8 months ago
taxmanrog
taxmanrog, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,079
Experience: Licensed CPA, MA, MST with 31 years' experience. Teach Accounting and Tax courses at Masters level.
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Tax Professional: taxmanrog, Certified Public Accountant (CPA) replied 8 months 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

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Tax Professional: taxmanrog, Certified Public Accountant (CPA) replied 8 months 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

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