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I have a fee being collected at a real estate closing

Customer Question
I have a fee...

I have a fee being collected at a real estate closing tomorrow the 28th. The funds are being wired into the closing attorney escrow account. Can I have the attorney cut my check for January 1 2018 and deposit it then. This way I can avoid the tax payment in 2017.

Accountant's Assistant: The Accountant will know how to help. Is there anything else important you think the Accountant should know?

No just how to cut the check

Submitted: 4 months ago.Category: Tax
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Answered in 3 minutes by:
12/27/2017
Tax Professional: Barbara, Enrolled Agent replied 4 months ago
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 5,993
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

The date of the closing is the date you will use to report the sale. In your instance, the sale occurred in 2017, and will be reported on your 2017 tax return.

It does not matter when the check is cut.

Please let me know if I can assist you further.

Thank you and best regards,

Barb

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Customer reply replied 4 months ago
It is a commission, I don’t own the real estate. So the day the deal closes is the day my fee is earned? It can’t be held in escrow until Jan 1?
Tax Professional: Barbara, Enrolled Agent replied 4 months ago

Thank you for the additional important information.

If the attorney agrees, the check can be cut in 2018.

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Barbara
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Category: Tax
Satisfied Customers: 5,993
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