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In most cases, the forfeited deposit from a failed sale of rental property is considered ordinary income to you, the seller. This is because the deposit is esse...
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Thanks for your replies. The forfeited earnest money is Ordinary income. The question then becomes is it Passive income and report on Sch E as rental income. Th...
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My client retained the deposit that the prospective buyer forfeited because the purchaser changed his mind. Would the forfeited deposit that my client kept be r...
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Thank you all.Just include the income in the trust, and no 1099 to nominee from Decedent to Trust. Is that correct?
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Individual passed in 2023. The investments were in a revocable trust. An Irrevocable trust with EIN was created at date of death. However, the brokerage did not...
