In fact, you cannot connect a Form 1099-MISC back to the sale which if correctly repoted would be on 1099-B. The implications to you are very consequential because the sale legally has generated a capital gain to be taxed at c/g rates which could be as low as zero, or 15% or 20% (max); whereas the ordinary income could be 10%-12-24-or higher %.
The seller has been incompetent in providing the filing. I'm not sure what you can do about it, except to research if there are other clients also so effected. There is no logic to the payment being a 1099-MISC Box 3 except that they had no idea what they should have done..
If this posted response is useful to you, please click on the upraised hand in the lower left of this post. Thank you. Scruffy Curmudgeon--PFFM/ IAFF, retired FireFighter/Paramedic - Locals 718/30, Veteran USAR O3 AIS/ASA '65-'67
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