Posted 8/1/2026 22:37 (#11716177 - in reply to #11715906) Subject: RE: 1099 from the fair auction
North Central Illinois
Still going to get the 1099, but the tax filing can then address the appropriate details. In general, the fair market value of the gift when given is the basis and tax is owed on the difference. If dad bought a $1000 calf and gave it to the child who sold it for $3000, the $2000 gain (minus expenses incurred) would be taxable.
1099 from the fair auction
