Thanks for asking your question! I'm sorry to hear about your tax issue and I'm going to try my best to help you understand or resolve it.
How are you today?
You never pay tax on the gross sales price, it's always the net amount above what you paid for it.
You will use form 8949 in connection with schedule D to show all this information.
If it's short term, it's taxed at your ordinary rate. If it's long term it gets the preferential rates of 0, 15, or 20%
When you use software to prepare your return, it should fill these forms out for you
Do I need to file a 1099 for my lenders?
No, you do not
will they need to file anything besides the net gain on their taxes?
They will show the interest you paid them as income as well
so if I understand nothing needs to be reported to the IRS until tax time?
That is correct
Is there anything else that you need assistance with today?
yes on last question
does it matter that it is through my business account and not my personal one
or are the rules the same?
The rules are the same
great, thanks! have a wonderful day A+
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