I am selling some sound equipment to a company outside the US, in Mexico The buyer sent to me their form on how to pay me. It also has a table for me to complete with choices that look as boxes on a 1099 misc income. The actual table is below:
Type of Income (select only one)
( ) 01 Rents ( ) 02 Royalties ( ) 03 Other Income ( ) 05 Fishing boat proceeds ( ) 06 Medical and health care payments ( ) 07 Non-employee compensation ( ) 08 Subst. payments (dividends/interest) ( ) 9 Payer made dir.sales $5000 or more ( ) 10 Crop insurance proceeds ( ) 13 Excess golden parachute ( ) 14 Gross proceeds paid to an attorney
I am selling property I owned, did not buy with the intent to sell, now I do not needed and can sell for 5000 more. I want this to be a cap gain, now I am afraid it may become income if I don't tell them to reported the correct way.
What do I select from the table, or I need to tell them to do something totally different. Ex. that I am a reseller of private proparty and for them to reported how?
Thanks, Alex