Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

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

Highlighted
Level 1
 
Labels (1)
0 Cheers
1 Solution

Accepted Solutions
Highlighted
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

View solution in original post

0 Cheers
4 Replies 4
Highlighted
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.  
0 Cheers
Highlighted
Level 15
Client would record the lien at the local courthouse. It has no tax return effect.

ex-AllStar
0 Cheers
Highlighted
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

View solution in original post

0 Cheers
Highlighted
Level 15
Sounds like the vendor is a skinny guy ------------------- if that helps :smile::smile:
ex-AllStar, ex-Lutefisk taste taster, ex-ACME product tester
and ex marks the spot where those rocks and anvils hit me.
0 Cheers