grandmabee Posted February 7, 2009 Report Posted February 7, 2009 received 1099-div .... box 8 cash liquidation distrbutions. this is from an assocation that disolved last year and they divided up the money and distrubited. its a county club assocation. I'm not sure what to do with it. anyone that can help would be appicated. Quote
grandmabee Posted February 7, 2009 Author Report Posted February 7, 2009 capital transaction So I can use the money they contributed as basis. Quote
RoyDaleOne Posted February 7, 2009 Report Posted February 7, 2009 No. That is the selling price. What is the taxpayer's basis? Purchase cost? Did the taxpayer pay something for the "membership"? Quote
grandmabee Posted February 7, 2009 Author Report Posted February 7, 2009 No. That is the selling price. What is the taxpayer's basis? Purchase cost? Did the taxpayer pay something for the "membership"? YES They paid money. I thought the cash liquadation on the 1099 div would be the selling price. Quote
Terry D EA Posted February 7, 2009 Report Posted February 7, 2009 I have to agree with RoyDaleOne, the amount reported on the 109i9div is the selling price. You need to find out what your client's cost is to determine if there is a gain or loss. Terry D. Quote
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