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Investors & landlords
What investments? Do you mean money from a retirement account? Money from a brokerage account?
If you took money out of a retirement account like an IRA, and you are under 59 1/2, you pay a 10% early withdrawal penalty plus ordinary income tax. You will get a 1099R for that.
If you sold some sort of stocks or investment funds, you will get a 1099B.
Or did you get the money from someplace else?
Not sure why you think there is going to be a benefit for purchasing a car---which usually begins to lose value when you drive out of the dealership in it.
**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
‎January 28, 2025
4:11 PM