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Can you split POA income over multiple years?

abs96
Level 3
 
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IRonMaN
Level 15

Cash basis taxpayers report income in the year received.


Slava Ukraini!

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6 Comments 6
IRonMaN
Level 15

Cash basis taxpayers report income in the year received.


Slava Ukraini!
BobKamman
Level 15

It's still early here and I haven't had any coffee.  But I have no idea what you are talking about.  Power of Attorney income?  From whom, to whom, when?  Plan of Action?  Paid on Account?

IRonMaN
Level 15

I'm glad it wasn't just me wondering that.


Slava Ukraini!
abs96
Level 3

It is Power of Attorney income from an aunt to her niece.  Aunt told her attorney to pay her niece for taking care of things prior to her death.  It is my understanding from the niece (my tax client) that the attorney told her the income from being power of attorney could be divided into 2 years but she got a lump sum payment in 2023.

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IRonMaN
Level 15

All taxable in 2023


Slava Ukraini!
BobKamman
Level 15

Maybe there is another lump sum coming in 2024