Question

A couple sold an investment property for a realized gain of $58,000. Do they have to report this to the IRS and if so, on what form?

Answer 1

yes they do because the depet will leave them if they do

Answer 2

Answer:

Form 1099 is the correct answer.

Explanation:

According to the IRS Webpage, the Form 1099 is used for miscellaneous income. Among many different things (such as prizes and awards, income payments, or others) this form can be used to report any "direct sales of at least $5,000 of consumer products to a buyer for resale anywhere other than a permanent retail establishment."