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  #1  
Old 01-02-2008, 12:30 PM
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Join Date: Nov 2007
Posts: 9

2007 or 2008?

What is the name of your state? California

Hello,

I sold an internet domain name to someone in Europe for about $100K in late November. We went through escrow, and the escrow company said that they do not report to the IRS (nor did they collect my SSN). They issued me a check dated late November '07, which I have not deposited yet. By depositing it now, in 2008, can I effectively avoid paying taxes on the funds until April 2009?

Thanks in advance!
  #2  
Old 01-02-2008, 12:37 PM
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Location: Houston, Texas
Posts: 423
Send a message via AIM to irsos

2007

You had receipt of the funds in 2007 - therefore that is when the income is reported. It is not relevant that you did not deposit the check.
  #3  
Old 01-02-2008, 12:40 PM
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Join Date: Nov 2007
Posts: 9
Ok, just checking. Thanks for the uberfast reply!
  #4  
Old 01-02-2008, 12:44 PM
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Join Date: Aug 2007
Location: With Capt'n Hook
Posts: 6,813
It is based on when you RECEIVED the check which was in 2007. Income is attributable to 2007.
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