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Sueli
Level 1
Oct 15, 2020 2:56 PM UTC
Question

Purchase of Future Receivables

I don't know how to enter the Purchase of Future Receivables on Schedule C. If the money received is considerede income. Thanks. Sueli

    This topic has been closed for replies.

    4 replies

    BobKamman
    BobKamman
    Level 15
    Oct 15, 2020 4:42 PM UTC

    Wouldn't these be inventory items?  Handled the same as buying and selling buggy whips, except the seller is the customer who pays down the debt.  

    qbteachmt
    qbteachmt
    Level 15
    Oct 15, 2020 4:54 PM UTC

    It isn't clear if your client has Factored (sold) the receivables, which typically is a type of secured debt (liability). Or, your client Bought them (an asset) and will be collecting later (is the factoring agent).

    Don't yell at us; we're volunteers
      BobKamman
      BobKamman
      Level 15
      Oct 15, 2020 5:31 PM UTC

      On second thought, my mistake was to assume the question was about purchase of receivables, when it probably involves sale of receivables.  

      Anyone interested in buying my accounts payable?  

        dkh
        dkh
        Level 15
        Oct 16, 2020 1:14 AM UTC
        @BobKamman wrote:

        Anyone interested in buying my accounts payable?  

        what about a like kind exchange

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