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On what form do we report proceeds of mechanic liens as income

lpcco
Level 1
 
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abctax55
Level 15

Or,  the same form you *would* have reported the income on if you had collected instead of having to file the lien.

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2 Comments 2
abctax55
Level 15

Or,  the same form you *would* have reported the income on if you had collected instead of having to file the lien.

"*******Tax software is no substitute for a professional tax preparer*******
( Generic Comment )"
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George4Tacks
Level 15

On the same form it would have been on when you filed the lien. 


Here's wishing you many Happy Returns
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