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How do you record a vendor's lean acquired with the sale of a business property?

piecey
Level 1
 
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sjrcpa
Level 15

More details please. Who sold what? Are you prparing buyer's or seller's return. How does the lien fit in?


ex-AllStar

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piecey
Level 1
My client sold a building that at one time had been a rental property.  The client acquired a vendor's lien as part of the settlement.  
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sjrcpa
Level 15
Client would record the lien at the local courthouse. It has no tax return effect.

ex-AllStar
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sjrcpa
Level 15

More details please. Who sold what? Are you prparing buyer's or seller's return. How does the lien fit in?


ex-AllStar

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IRonMaN
Level 15
Sounds like the vendor is a skinny guy ------------------- if that helps :smile::smile:
ACME Taxes, Tatoos, Tires and Tomatoes (I had to get rid of the turtles - they kept running away)
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