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Form 1099-S Corona California: What You Should Know

If this was the first quarter you received Form 1099-S. If the property sold was the taxpayer's principal residence. Information about Form 1099-S, Proceeds from Real Estate Transactions (Info Copy Only), File this form to report the sale or exchange of real estate. If you are unsure if this is right; call the Form 1099-S field, Folder >  Where do I add a 1099-S (proceeds from real estate Filing Status: This is the status you are in if you are the recipient of the proceeds from the sale and if you  have a W-2G return. W-2G (or 1099-MISC) status if not filing a 1099-MISC return. Filing Status: If your report contains proceeds from a sale, a taxable gain means the same as receiving the income, except that it doesn't matter if you are the owner of the real estate that is the selling security (your real estate) or if you are the owner of some other interest in the selling party (someone else's real estate), as long as your tax basis is increased by the net cash proceeds. Taxable gain means the same as income minus the amount you received as the selling price for the property, not more. It is the same basis as if you had sold this property a year ago; there is no change in tax basis. The tax rules for taxable gain apply if: This is the highest basis of the tax loss; You receive an adjustment in tax basis to your gain; or You sell the property while in the process of adjusting the basis. Your net cash proceeds represent the net cash change of value of the property after depreciation and other deductions for the property, such as loss carryovers from previous years. You can figure your effective tax rate for taxable gain in the following way. Increase taxable gain by the amount you receive as the selling price, minus any gain you receive from depreciation, losses or the sale of a property held for more than one year or more. You are treated as if you received an additional tax of 1/2 percentage point of the amount of the taxable gain for each 5 of gain from depreciation, as described in the section on depreciation. See the section on Schedule D (Form 1040), Worksheet E, on page 32 for details of the additional tax rate.

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