How to Report Form 1099-S on Form 1040 for Sale of Real Estate
25.4 هزار بار بازدید -
3 سال پیش
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For updated Form 1099-S videos,
For updated Form 1099-S videos, see the following:
Sale of Residence Change of Employer: IRS Form 1099-S & Principal Residence...
2022 Principal Residence Exclusion: Form 1099-S on Form 1040 for 2022 - P...
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.
For a larger database of tutorials, please visit our website and search for your question:
https://knottlearning.com/
DISCLAIMER: The information provided in this video may contain information about tax, financial, and legal topics. Such materials are for informational purposes only and may not reflect the most current developments. These informational materials are not intended and should not be taken as tax, financial, or legal advice. You should contact an advisor to discuss your specific facts and circumstances. Self-help services may not be permitted in all states or jurisdictions. The use of these materials does not create an attorney-client or confidential relationship. This video does not include information about every topic or issue related to these informational materials.
#IRS #1099s #RealEstateTax
Sale of Residence Change of Employer: IRS Form 1099-S & Principal Residence...
2022 Principal Residence Exclusion: Form 1099-S on Form 1040 for 2022 - P...
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.
For a larger database of tutorials, please visit our website and search for your question:
https://knottlearning.com/
DISCLAIMER: The information provided in this video may contain information about tax, financial, and legal topics. Such materials are for informational purposes only and may not reflect the most current developments. These informational materials are not intended and should not be taken as tax, financial, or legal advice. You should contact an advisor to discuss your specific facts and circumstances. Self-help services may not be permitted in all states or jurisdictions. The use of these materials does not create an attorney-client or confidential relationship. This video does not include information about every topic or issue related to these informational materials.
#IRS #1099s #RealEstateTax
3 سال پیش
در تاریخ 1400/08/19 منتشر شده
است.
25,443
بـار بازدید شده