Hi,

I received a 1099misc for a settlement out of court for a partial recovery of downpayment lost on a preconstruction condo. The condo development was never completed so we sued the company and was able to recover some of our cash deposit. How do we report this on our tax return? I don't think it's taxable but am not sure where to take the offset (to net a zero taxable income)?

Thanks for your help. Look forward to hearing from you soon.

Regards,
Rose2864