@NSL89 wrote:
Hi @Opus 17 ,
Thank you for the quick response. I purchased the car for $31,623.60.
If your 1099-MISC shows 88,716.49, and you have no other adjustments that would affect the calculation, then enter the cost of the car $31,623.60 as your offset and the remaining $57,092.89 is taxable to you.
When considering the purchase price (cost basis) of the car, don't forget to include sales tax and any other government fees required to complete the purchase.
