How can I enter the sale of a collection, sold for more than purchase price, only as a one time sale?

Forum|Forum|4 years ago
April 16, 2022
1 reply
14 views

This is a rare movie poster collection, sold to universities for which client has 1099-NEC's

ProConnect Tax

This topic has been closed for replies.

Best answer by itonewbie

This shouldn't have been for the sale of anything, rare movie posters or not. Ask your client for information about this transaction and any related contemporaneous documentation.

It's either your client was not paid for the sale of anything but that he had rendered certain services for the procurement of the collection in a non-employee capacity or that the university had mistaken the form they should issue for the sale.

It could also be this is for some other services your client had rendered in conjunction with the sale (but that would mean you are missing the amount to report for the sale).

itonewbieAnswer

Level 15

This shouldn't have been for the sale of anything, rare movie posters or not. Ask your client for information about this transaction and any related contemporaneous documentation.

It's either your client was not paid for the sale of anything but that he had rendered certain services for the procurement of the collection in a non-employee capacity or that the university had mistaken the form they should issue for the sale.

It could also be this is for some other services your client had rendered in conjunction with the sale (but that would mean you are missing the amount to report for the sale).

---------------------------------------------------------------------------------Still an AllStar