I sold my business and carried the note. However, the sale was a loss, sold for half of what I bought it for.
I have a 1099 INT for interest earned, however I understood that there is no tax on interest earned if the sale was a loss?!
Also, H&R agent last year I believe made a mistake on our return. She filed the first time without the interest earned, then changed her mind, did an addendum, we paid again for addendum, but she declared the tax earned?
Any input on details here and advise on how to proceed if last years was incorrect, as we ended up owning $ ?!
Thanks,
Steve