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mreal528
January 24, 2025
Question

bought company car below market upon retirement. What kind of 1099 ?

  • January 24, 2025
  • 1 reply
  • 0 views
Upon my retirement I bought my company car below market value. It actually shows the difference on the invoice. I believe I have tax liability on this amount. Will I get a 1099? What suffix?

    1 reply

    DaveF1006
    DaveF1006
    January 28, 2025

    Yes, you may receive a Form 1099 MISC  from the dealership for the difference you paid for it versus market value. Rather you will receive or not solely depends on if the dealership decides to report it on the 1099.

     

    If you don't receive a 1099 MISC, it is up your discretion rather to report it or not as there is no record of it reported to the IRS on a 1099 MISC.

     

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