Tod
Level 2
04-11-2022
06:44 PM
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Client ordered large piece of farm equipment and paid $5,000 down in 2021 but due to supply problems, it won't be delivered until 2022 at which time client will pay remainder of purchase price. How do I handle the down payment on 2021 return?
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abctax55
Level 15
04-11-2022
06:47 PM
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1040 - nowhere (unless you want to put it somewhere just to track it...)
Entity return = deposit. As an asset.
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