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Strategies & Market Trends : IRS, Tax related strategies--Traders
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To: Mike Hagerty who wrote (612)12/11/1998 11:58:00 AM
From: Colin Cody  Read Replies (1) of 1383
 
Mike, #1 see a CPA

#2 Try this with your CPA for an idea.

Where is the other guy located? far away? (better if he is)

Have him have his mortgage re-fi held after Christmas.

Have your mortgage funds withheld at closing and the attorney (your attorney or his attorney, not sure if it makes a difference for IRS) put the funds in his trustee account, and immediately draw you your full pay-off.

THEN the attorney drops the payment to you in the mail on December 31 in the morning, sending it certified return receipt requested to your address. This documentation proves he mailed it in 1998.
Then you will get the mail on January 2nd.

You recognize the income in 1999 because that's when you received it.

A KEY offsetting issue here is CONSTRUCTIVE RECEIPT. That's something your CPA will need to assure you of.

Good luck, Colin
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