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Question

Capital Gain Tax Year

Forum|Forum|3 years ago
January 9, 2023
4 replies
0 views

I sold a property on 12/30/2022 but did not receive payment until 1/4/2023. All of the paperwork for the sale was dated 12/30/2022. In which tax year must this sale be reported?

2022. that should be the year of sale reported to the IRS. what will be reported to the iRS.

spotter1950Author

Even if I did not realize the gain (in money in my bank account) until 2023?

Yep ... even if the payment never happens the property was sold in 2022 and reported in 2022.

Employee

Capital gains are taxed when they're "realized." Your capital gain (or loss) is generally "realized" for tax purposes when you sell a capital asset. That's why you use the date of sale.

**Answers are correct to the best of my ability but do not constitute tax or legal advice.

Employee

Your 1099-B is going to be for 2022 and that's when the IRS expects to see it on your 1040, 8949, and Sch D.