Will not cashing a check defer income? - Posted by DavidG - OR

import · November 4, 2003, 6:28pm

Posted by Bill Bronchick on November 05, 2003 at 15:45:52:

Whenever “ownership” passes is the close. It the case of passing title, whenever the escrow is completed and title passes.

import · November 4, 2003, 6:28pm

Posted by DavidG - OR on November 04, 2003 at 19:28:34:

If I’m selling a house that someone is cashing me out on, can I not cash the check from the title company to defer the income/gain until next year?

Or can some entity ‘hold’ the funds to defer the income/gain until next year?

Or do I have to ‘delay’ the closing until next year?

-DavidG

import · November 5, 2003, 8:04am

Re: Will not cashing a check defer income? - Posted by William Bronchick

Posted by William Bronchick on November 05, 2003 at 09:04:05:

No, not cashing a check won’t defer income, since the issuance of the check is receipt of funds. The escrow agent will 1099s you inthe year of sale anyway.

import · November 5, 2003, 1:10pm

Re: Will not cashing a check defer income? - Posted by DavidG - OR

Posted by DavidG - OR on November 05, 2003 at 14:10:46:

Thanks, so I can tell them to not Issue the check this year.

Otherwise I’ll ‘time’ the sale to close next year - right?

-David G.