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Video instructions and help with filling out and completing What is Form 1099-S
Hey guys Merck back with another quick video I just want to do a quick one today taxes since it is tax season or in the beginning of February last year was the first year I ever flipped the house basically bought a house a tax auction got a very cheap not many other people were interested in it and I was gonna fix it up and do a write off thing with a friend of mine and it was a huge house it was a lot of work and we decided just to go ahead and flip it um so this year was the first year you know right away I tell my friend the house went cheap it was like eighty five hundred it sold for he's like oh anything under 10 grand don't worry about it that's not true anything over six hundred dollars you're gonna have to report to the IRS now if you close yourself you'll have to do it yourself it's a 1099s but if you have a closing agent they should provide that for you I think you're supposed to have it by the first week of February of that upcoming year for the taxes so like I sold the house in 2022 so I had the 1099 s from my agent last week it's the beginning of February now 2022 so basically you get the form and it has I closed the house for 8,500 so it had 8500 on the form well obviously you didn't make any $500 am i right so this is what you have to do your taxes cuz the IRS I did a PayPal video because I sold on eBay they always assume the worst that you've made all the money that you got which is never true so if you don't take care of your stuff they're gonna come after you for the whole month you have to take care of your taxes now if you're somebody who's planning on doing this and flipping the money into another house there's actually forms and things you can go through so you can defer your taxes to a later date because you're taking the money and reinvesting it so you guys go look into that do your thing you can reinvest your money and hold off on paying the taxes now I think you have to do those forms and things while you're selling the house and buying new property and I didn't know about it so you can't do it in a later date because I did buy another flip property that I want to work on but I didn't know at the time so now I'm stuck now don't get too worried because basically what it boils down to that you hear all this talk about capital gains and long-term gains and short-term gains what it basically boils down to is when you flip a house and you have to pay the tax it's like.