The principle of constructive receipt applies to payments and income that cross over the end of the year. According to the IRS, constructive receipt means that income is constructively received when an amount is credited to your account or made available to you without substantial restriction or limitation, even if you dont have possession of it. For example, it might be held by an agent or in your bank account through direct deposit.
Posted on: Fri, 15 Aug 2014 07:09:35 +0000
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