My father is 86 and raises a few cattle for something to do. He sold the cattle which he had held for more than 5 years to a buyer, who sold them to someone else.
My father never received a 1099 from anyone... Does he owe taxes on what he received?
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My father is 86 and raises a few cattle for something to do. He sold the cattle which he had held for more than 5 years to a buyer, who sold them to someone else.
My father never received a 1099 from anyone... Does he owe taxes on what he received?
Cattle is either a capital asset (sale to be reported on Schedule D) or business property (sale to be reported on Form 4797).
Either way, the sale MUST be reported whether he got a Form 1099 or not.
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