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Form 1099-S for Lewisville Texas: What You Should Know
I will be filing an official IRS Form 1099-S for the sale of my home. In response to your query, I did, but after looking into it a bit further, I found an issue with how the IRS is handling these Form 1099-Ss after 2018. I have received a letter from the IRS letting me know that for the 2023 filing year, an “S” will appear after the “T” in the type of income reported. But for the 2023 filing year it appears to be a “I” for other types of income. What this means is in 2018, I will have to file another Form 1099-S, with new income data which is likely more complicated than the original one I filed in 2017. How do we know what is filed in the first year? Here is a summary of the IRS Form 1120, Summary of Tax Information Received from a Foreign Country, as posted by the Department of the Treasury on November, 20, 2017. In the section, “Form 1010A — Foreign Bank and Financial Accounts,” there is a heading “S” which indicates a Form 1099-S is being reported by a foreign person when they sell property. Form 1120, summary of tax information, 2018, section 1202. S “The Form will report the selling price of the property in the United States.” “The amount from the sale will be reported using the S code.” ’S” means a Form 1099-S and does not indicate the type of income it is reporting.” Here at The Dallas News, we have a special section for all your real estate questions that you need to know answers to. The Dallas News Facebook Page, Instagram, Twitter and Pinterest Pages. Come check us out at our sites and if you have a question about our Real Estate Expert Columnist, Michael Learn, don't be afraid to get in touch. Email: m.dezarndallasnews.
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