How to Report Form 1099-S on Form 1040
Form 1099-S is filed by the closing agent to report the gross sales proceeds from the sale or disposition of real property by the seller.
The seller receives a copy of Form 1099-S, and the IRS gets a copy as well. It is important for the seller to report the transaction on their Form 1040 because Form 1099-S does not report the cost basis in the home.
So, the IRS has no idea whether the taxpayer realized a gain or loss on the sale.
Guide on the principal residence exclusion.
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#IRS #1099s #RealEstateTax
DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal, or accounting strategies demonstrated in this video. Thank you.
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