Hello - I have income from an investment in a small privately-owned company that I sold in Nov 2019 after purchasing it in Mar 2019. The company reported the sale to me on a 1099-Misc with a gross income of $56.5k but not accounting for the initial $50k invested 8 months earlier.
In the income section, I'm reporting the $56.5k so it matches the form on file. How do I adjust for this so I pay taxes on the net profit of $6.5k? The program is not accounting for my actual net profit.
Thank you!
