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Posted by Bob Sandler on June 26, 2007, 12:19 am
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> I asked this same question last year and got exactly the
> opposite advice. I was told that I had to report it as
> income because the sales agent had issued a 1099.
Is this the thread you are referring to?
http://tinyurl.com/ynwse8
Both of the responses you got in this group agreed that it
was a reduction of your purchase price, not income to you.
That seems to be the same advice as in this current thread,
not the opposite. I don't see either of them telling you
that you had to report it as income. They both said that the
1099 should not have been issued, and suggested that you try
to get the agent/broker to correct it.
> I even had a tax preparer locally, try to imply that I was
> committing fraud by treating it as a reduction of basis.
Maybe you should find a different tax preparer.
Bob Sandler
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