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Updated almost 8 years ago, 02/03/2017

User Stats

56
Posts
3
Votes
Linda L.
  • Monterey Park, CA
3
Votes |
56
Posts

How to report tax on dispostion of promissary note

Linda L.
  • Monterey Park, CA
Posted

For some non preforming notes, after a serial of work outs, they are paid off. I work out these notes directly and operate as part time business. These are hold longer than a year. How do I report either gain or loss on the disposition of these notes? Is form 4797 the correct form to use?