YLC
Level 4
03-30-2024
05:11 PM
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No, I do not only report income if shown on a 1099, I report all income. In this case, this sale will not result in a gain, it will result in a loss. I've been asking questions because they say they did not buy this property for investment purposes, but there really isn't any other way to report it.
Thanks everyone for your replies.