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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

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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: 11 months ago.Category: Tax
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9/8/2017
Tax Professional: taxmanrog, Certified Public Accountant (CPA) replied 11 months ago
taxmanrog
taxmanrog, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,221
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 11 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 11 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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