WITAXLADY Posted February 13, 2020 Report Posted February 13, 2020 farm (mink) has all equipment picked up by dealer.. no 1099 -C, etc - this was in 2016 - just filing now... If I show equipment as gone, there is a loss of $444,000 on the 4797 It seems plenty of time to have any other paperwork to offset that... He would have a NOL carryforward - in case some does show up Or never pay taxes? Is this how it works on unpaid equipment - implied ownership? Thank you, D Quote
Lee B Posted February 14, 2020 Report Posted February 14, 2020 If the dealer picked up the equipment, there must have been an unpaid equipment loan. Suggest you make some inquires as to the status of the loan, sometimes the issuance of a 1099 C is some years down the road, since there may have been ongoing collection action for several years. Quote
Max W Posted February 15, 2020 Report Posted February 15, 2020 If the equipment was reposessed, it is unlikely that a 1099-C would be issued. The client may, or may not have a loss. There could be a gain if prior depreciation, or sec 179, has to be recaptured. Quote
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