Tax

Forum|Forum|3 years ago
November 16, 2022
1 reply
14 views

I perchased a lot in Florida in 2004 for $6500 and sold it in 2022 for $6500. The title company gave me a 1099 saying that I had received $6500.. Is this taxable income? Thanks, John Turner

LJane29

Level 6

You do need to report the sale (remember that the IRS will also receive that 1099) but based on what you've put here there won't be any "taxable" income.

It is the sale of property not used in business so you'll have the opportunity to put your purchase price in (this is referred to as your basis). Your payment received less your basis is what would be taxable and in your case that is $0 - so no taxable income but you do need to report that on your tax return.

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"