We expect to receive a K-1 for the sale of property (sold in '11) this year 2012. Does this count as income in '11 or '12?
Thanks
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We expect to receive a K-1 for the sale of property (sold in '11) this year 2012. Does this count as income in '11 or '12?
Thanks
It depends what the estate's fiscal year is. The accountant preparing the K-1 on behalf of the estate can tell you whether the income is reportable by you, and if it is - for what calendar year must you report it.
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