Kathytrevino
Returning Member

Business sale question.

Back in 2002, the husband and I bought a mom and pop motel. We lived there 4 yrs in the residence and also managed the motel. We sold it in 2008 contract for deed. We divorced in 2010 and the ex wrote off the interest on his taxes and I used my child credit on agreement.

He passed in 2024. I was on title. I made an agreement for an early buyout with the buyer, and took a 30k loss.

I did make a small profit. I haven't received a 1099s yet.

 

Do I add this profit on my tax form?

 

Thank you