TAXMAN Posted March 6, 2010 Report Posted March 6, 2010 Tp (age 70) sold land on installment sale Gross selling Price 125K with dp in 09 of 20k Buyer paid note off in Jan 2010. TP only other income is Interest of about 3K. Question is can TP elect to report half of money in 09 year (50K) and other half 2010 year. CG law creates a no tax in either year if we do this. TP is cash basis. I know we must report what he did get but can we report more. Don't want to put full sale on 09 year as this creates about 3k of tax. Many thanks :scratch_head: Quote
grandmabee Posted March 6, 2010 Report Posted March 6, 2010 I think your only option is elect out of installment sale and report all in 2009 or report based on what is received. Quote
RoyDaleOne Posted March 7, 2010 Report Posted March 7, 2010 Installment sale appears to be available. If the 2010 payment was in Dec 2010, what would you do? Quote
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