Honestly, I euthanize if I see things like that. I hate doing it, but as @CassCats noted, it can be Mycobacteriosis, and having spent 6 months on antibiotics treating it in myself 20 years ago, I don't mess around. This fish is already doomed.
Is this contagious? If not is it okay if I keep it around a bit longer in a quarantine?May be a tumor, but could also be mycobacteria (TB). As a precaution, I'd wash your hands every time you touch this tank, don't touch this tank if you've got wounds on your hands, and also any equipment used for this tank should not be used for other tanks. To be safe just in case.
Pink puffy sores are often suspect for mycobacteria infections. There's no cure for the fish and certain strains are contagious to humans as a nasty skin infection that's very tricky to treat. You don't know what strain it may be without having a specialist, so it's better to play it safe and take precautions.
Either way, whether it's a tumor or myco, there's not much you can do about it. But protect yourself and other tanks just in case it's the latter
This fish has had this for a long ish time, I forgot to update when I found out a few weeks ago, it came almost instantly, which I’m not sure if that’s a symptom, but what I assume is that the fish got into a fight and some sort of sore or pimple formed.Mycobacteria might be the best reason I quarantine fish. Ich I can treat pretty successfully, parasites mostly. But myco is not something to goof around about.
But your fish doesn't look quite like I've seen before in my 2? times of it. It may be the early stages, I don't know. It seems like it would have shown up earlier on. But my "myco" fish had bloody streaks that spread slow or fast. The fish got very skinny over several weeks too. I euthanized 1, then another...& finally the rest after consulting with another experienced fish keeper.
Wash your hands very thoroughly after doing anything in that tank & last of any other tanks. & keep all equipment separate. Bleach "may" help sanitize equipment but be careful, it may not be enough at low concentrations.
How long have you had this fish? The tail rot could be a very different issue. A bite from a tankmate? Ammonia burn? Tell us more please.