transaction to account as capital gains Hello,
I have a client ( who's business is just buying gold from customers) who entered into a verbal joint-venture agreement in real estate. In July 2013, my client wired about $450K on his end( about 50% of purchase) to his associate in order to acquire the property thru his company. FYI, There's no trace of MY client's name on the closing paperwork. On Sept 2014, my client wanted out of the joint venture and his associate wired $500K in return. Even though there's no 1099 info, and only his associate purchased thru only the company he has, does my client have to report a $50K capital gain?
Please anyone have an opinion.
Thx - Omar |