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Anonymous
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1099-nec

received a 1099-nec from a hospital for $36,000 box 1. I am not employed or self-employed by them. the sum was for the selling of my stock (surgery center) to them as they purchased the center.  I bought the stock for $65,000 in 2011.  i want to treat it as investment income as it is a lost. how do i handle the 1099-nec (skip it, put 0 etc.) and can i just enter it in the investment income section?

thanks in advance peter

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1 Reply

1099-nec

Did you work for them either as employee or independent contractor and this sale is part of a close-out of that relationship?

 

If not, they should have issued 1099-MISC.

 

If this is purely for sale of stock, you would list it the investment section.  It would be Long-term loss and subject to the loss limitations of a LTCL.

 

It might be best to request a corrected 1099-NEC and a new 1099-MISC from the hospital.  In the meantime, I would show the name/ID # of the hospital and list it under the input for 1099-NEC and show zero.

 

**Disclaimer: Effort has been made to offer correct information; but due to the discussion forum limitations, the poster disclaims any legal responsibility for the accuracy of the poster's response**
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