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#1
11-17-2006, 05:20 AM
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 Re: Real estate and end of year tax planning. "Arthur Rubin" <ronnirubin[at]sprintmail.com> wrote: - quote - > I'm sure this is obvious, but I'm not really thinking
there's no reportable (taxable) event until the transaction> straight at the moment. > Hypothetically, suppose a real estate escrow opens in 2006 > and closes in 2007. > Is the gain reportable in 2006 or 2007? > Are withheld taxes attributable to 2006 or to 2007? > Are withheld states taxes deducible (for Federal purposes) > in 2006 or 2007? > I'm pretty sure the answers are all 2007, but I may be > missing something. closes which in these facts is 07, this includes the tax withholdings which are done at the close. << ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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11-17-2006, 05:20 AM
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| Re: Real estate and end of year tax planning. Arthur Rubin wrote: - quote - > I'm sure this is obvious, but I'm not really thinking
Gain: Reported in 2007> straight at the moment. > Hypothetically, suppose a real estate escrow opens in 2006 > and closes in 2007. > Is the gain reportable in 2006 or 2007? > Are withheld taxes attributable to 2006 or to 2007? > Are withheld states taxes deducible (for Federal purposes) > in 2006 or 2007? > I'm pretty sure the answers are all 2007, but I may be > missing something. Taxes (assumes you meant real property taxes): Reported in the year the taxes are actually paid to the tax collector. << ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#-1
11-16-2006, 02:06 AM
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| Real estate and end of year tax planning. I'm sure this is obvious, but I'm not really thinking straight at the moment. Hypothetically, suppose a real estate escrow opens in 2006 and closes in 2007. Is the gain reportable in 2006 or 2007? Are withheld taxes attributable to 2006 or to 2007? Are withheld states taxes deducible (for Federal purposes) in 2006 or 2007? I'm pretty sure the answers are all 2007, but I may be missing something. -- Arthur L. Rubin ronnirubin[at]sprintmail.com << ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
| Tags |
| end, estate, planning, real, tax, year |
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