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    themoooman's Avatar
    themoooman Posts: 1, Reputation: 1
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    #1

    Apr 5, 2014, 09:13 AM
    Sold cattle
    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?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Apr 5, 2014, 11:27 AM
    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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