https://ttlc.intuit.com/community/taxes/discussion/re-tax/01/2792000#M1030127 <P>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.</P> <P>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).&nbsp; 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.</P> Wed, 16 Nov 2022 19:25:36 GMT LJane29 2022-11-16T19:25:36Z https://ttlc.intuit.com/community/taxes/discussion/tax/01/2791763#M1030126 <P>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.. &nbsp;Is this taxable income? &nbsp;Thanks, John Turner</P> Tue, 10 Mar 2026 06:56:24 GMT https://ttlc.intuit.com/community/taxes/discussion/tax/01/2791763#M1030126 Turnerbb2022 2026-03-10T06:56:24Z https://ttlc.intuit.com/community/taxes/discussion/re-tax/01/2792000#M1030127 <P>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.</P> <P>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).&nbsp; 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.</P> Wed, 16 Nov 2022 19:25:36 GMT https://ttlc.intuit.com/community/taxes/discussion/re-tax/01/2792000#M1030127 LJane29 2022-11-16T19:25:36Z