I have received a compensation check: IF I CASH it in 08, THEN I REPORT THE INCOME ON '08 TAXES...CORRECT?
2007-12-20 13:18:26 · 4 answers · asked by alntes 1 in Business & Finance ➔ Taxes ➔ United States
Wrong. The date that the funds were available to you determines when you claim the income. That's generally the date you receive the check.
2007-12-20 13:26:04 · answer #1 · answered by Bostonian In MO 7 · 5⤊ 1⤋
correct.
if you dont have the funds then you cant use them, and thus they are not taxable.
just kidding...the tax law says when the funds are "constructively" made available to you is when you must report them as income. even if you dont actually cash the check or stock or whatever...
2007-12-20 22:22:17 · answer #2 · answered by viajero_intergalactico 6 · 0⤊ 0⤋
it counts as to when the check was issued, not cashed!
2007-12-20 21:35:59 · answer #3 · answered by J D R 2 · 1⤊ 0⤋
No. It's when the check is issued.
2007-12-20 21:33:32 · answer #4 · answered by Dr. Nightcall 7 · 1⤊ 0⤋