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Posted by San Diego CPA on November 17, 2006, 1:20 am
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> 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.
there's no reportable (taxable) event until the transaction
closes which in these facts is 07, this includes the tax
withholdings which are done at the close.
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