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Thread: Sale of Rental property in 2017--Constructively received money in 2018

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    Join Date
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    Default Sale of Rental property in 2017--Constructively received money in 2018

    My client sold rental property on 12/19/2017, the 1099-S shows 12/29/2017, however, he didn't received the money until January 5, 2018, the check had a issue date of January 2, 2018. Since, my client didn't constructively received the money until 2018, I'm showing the sale in 2018. Any suggestion on how to report this sale?

    suppose the IRS will send a CP2000 for unreported income, or is there a way to avoid the CP2000

    I'm thinking that the escrow office got the money from the buyer (which would then be income received by an a third party, which would mean the income would
    be reported in 2017)
    Last edited by Gene V; 03-13-2018 at 06:48 PM.

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