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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
Satisfied Customers: 577
Experience:  10 years experience
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You spoke to me about asking the landlord to switch it to

Customer Question

you spoke to me about asking the landlord to switch it to capital gains and if not writing it in as a capital asset on 1099 then backing it out . You said you would tell me how to do that . because now a 1099 misc want it to be 1099-b2. is rental income deductible from it ( past) or present.if it is a capital gains just curious( NY law)
Submitted: 3 months ago.
Category: Tax
Expert:  Mark Taylor replied 3 months ago.

You would report it as other income on the 1040 and subtract and equal amount with an explanation that it was a sale of a capital asset and will be reported on schedule D. Does this help? Please let me know if you have any other questions.