what 1099 should I use?

[honestman]

What is the name of your state? CA

I bought a house with some money borrwoed from my partiner. Now I sold the house. what's the 1099 form should I use to report tax for my partiner? thanks

 

[Snipes5]

If it was a loan, then it was YOUR house, not your partiner's.

You don't issue a 1099, you just pay your partiner back. The taxes are your responsibility.

Snipes

 

[honestman]

If it was a loan, then it was YOUR house, not your partiner's.

You don't issue a 1099, you just pay your partiner back. The taxes are your responsibility.

Snipes

Thanks for your advice.

Sorry to express wrong before. It was not laon and was actually an investment fund we put together. But the house was only under my name. My partiner is willing to pay tax based on the profit that was earned. Again, what the 1099 I should issue?

 

[LdiJ]

Thanks for your advice.

Sorry to express wrong before. It was not laon and was actually an investment fund we put together. But the house was only under my name. My partiner is willing to pay tax based on the profit that was earned. Again, what the 1099 I should issue?

Next time put the property in both names. That will save a lot of hassle.

Because the property was not in both names...it really WAS a loan. Therefore the portion of money returned to him that was his capital, should not be put on a 1099.

I think that you should use a 1099 MISC, and put the profits in box 3 "Other Income". However maybe someone else will have a different opinion.