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An electrician completes a rewiring job and is paid $1,000 by the customer in November. The customer ...

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An electrician completes a rewiring job and is paid $1,000 by the customer in November. The customer ...

An electrician completes a rewiring job and is paid $1,000 by the customer in November. The customer has a small fire in his house and sues the electrician for the repayment of the $1,000 fee plus damages in December. The electrician reaches a settlement with the customer in the following February and refunds the $1,000 fee. How should the electrician treat these events when he files his tax return in April?

▸ No income will be reported.

▸ The income will be reported for the year of receipt, and a tax deduction will be claimed on the tax return for the year of repayment.

▸ The income will be reported for the year of receipt, and then an amended return will be filed in the following year to claim the refund.

▸ Both the income and the deduction will be reported on the same tax return (for the year of receipt).

Textbook

Federal Taxation 2017 Individuals

Edition: 30^th

Authors: Pope, Rupert, Anderson

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