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Old 02-01-2011, 08:57 PM
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1099 for sale of business?

Hi, I sold half of my business. I received a partial down payment of $15000.00, and will be receiving $1000.00 a month unitl it's paid off. Is the buyer suppose to file the 1099 form on me for the amount he is paying me for the business he is buying? Thank you.



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Old 02-02-2011, 11:14 AM
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“Is the buyer suppose to file the 1099 form on me for the amount he is paying me for the business he is buying?”----->No; the transaction is not for services rendered by you to his trade or business. In general, a 1099-MISC needs to be issued by his trade or business under many situations when he pays someone for rent, services, royalties or other various fees.



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