Posted by Rob FL on January 01, 1999 at 24:26:02:
Title is considered to change hands when a deed is voluntarily delivered by the seller and accepted by the buyer. More than likely if the money has not changed hands then the deed has not been delivered, because you will not just hand over the deed to the buyer until you actually get your money. I would think if you have not handed over the deed then you have not yet completed the sale. I vote for profit in 1999.
Income Tax Quandry re End of year Closing - Posted by BankRobber
Posted by BankRobber on December 31, 1998 at 22:32:30:
I signed Closing documents at the Title Company today for a Property I had for sale. Upon arrival at the Title Company I learned that although the Buyer’s Lender had provided loan Docs, they were not able to fund today (they gave some lame excuse, but I am convinced that they just did not want to close till January, it was a new VA loan if you are curious). So, both the Buyer and Seller(me) signed all the usual paper work, but I left without a check. Deed will not be recorded till Monday or Tuesday after the new loan is funded.
For tax purposes would the profits from this sale be taxable in 1998 or 1999?