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Hi gio, I think your situation is a bit different. In my case, the amount was wired to me separately, and was not reported in my W-2. I have not received a 1099-B from the buyer - I don't think they used a broker in the transaction.
I don't know what you're allowed to do in this case - your W-2 reflects the amount as income so it seems to me like you're obligated to pay tax on that reported amount? We would need a tax professional to comment on this - but my guess would be that you're not allowed to subtract this amount from the W-2 amount and report it separately reflecting the amount you actually received in an installment sale.
I don't know what you're allowed to do in this case - your W-2 reflects the amount as income so it seems to me like you're obligated to pay tax on that reported amount? We would need a tax professional to comment on this - but my guess would be that you're not allowed to subtract this amount from the W-2 amount and report it separately reflecting the amount you actually received in an installment sale.
‎June 6, 2019
12:02 AM