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Use 1099 Misc with Son?
I purchased a tax foreclosure on 04/18 for $3,530 through my LLC. My son loaned half of the funds to my LLC. $1,765. I sold the property 11/18 for $10,500. I paid my son exactly half, $5,250. Now I'm trying to figure out what form to give him for his taxes. Do I give him a 1099 Misc for the difference, his profit of $3,485? Very sorry if this question is not typical for this forum. Thanks! Just looking for some direction.