misc-1099 the investor who made profit on QCdeed - Posted by metro

Real Estate Investing Real Estate Law
1

Posted by dealmaker on February 16, 2006 at 09:00:44:

Loan balance has nothing to do with anything. Was the SALE PRICE higher than your PURCHASE COST? If so, there’s a gain, if not, there isn’t.

BTW, who sent you the 1099?

dealmaker

2

misc-1099 the investor who made profit on QCdeed - Posted by metro

Posted by metro on February 15, 2006 at 19:48:05:

Hi

I quit claimed a house last year to another FLORIDA investor and he re-financed. Now, I received a 1099-S and it showed that the proceeds from the sale are $6,000 higher than my loan. I did not make a profit on the transaction at all, but see to have been shoved a capital gain tax. Can I turn around and Misc-1099 this investor with the 6K difference so that I’m even on this loan?

HELP ME!