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Form 1099-S online Glendale Arizona: What You Should Know
File Form 1099-S More on Form 1099 Form 1099-S is an additional form reported by the recipient on Schedule C, Itemized Deductions. A number of recipients in the U.S. receive payments from one or more real estate entities in lieu of the traditional tax deduction. These payments are reported on Form 1099-S (Form 1099) with the money that is received through the real estate transfer as “proceeds” of real estate transactions (such as the sale of the property or the appreciation of the debt). For example, a seller may deduct the cost of the land the property is located on in the sale if the proceeds are used to purchase a second property. Form 1099-S (Form 1099-S) is useful because it is a direct filing form that provides information about certain types of income such as the amount and nature of the sale price and gross proceeds. The reporting period for a Form 1099-S is one year after the date a Form 1099-S is filed with the IRS. The first taxpayer to file a Form 1099-S on or before the first day of the month following the month in which the transfer occurs shall be deemed to have paid the amount reported on the form. A Form 1099-S filed on or after the first day of the month following the month in which the transfer occurs will not be considered to have paid the amount reported on the Form 1099-S. The recipient (the taxpayer that received the proceeds in the form of payments) must be an individual with income from wages, salary, tips or other remuneration from one or more employers that makes payments through real estate sales. A Form 1099-S is a copy of a Form W-2 that shows the gross income and other information reported on the original Form W-2. The amount reported on a Form 1099-S is deducted by the recipient on Schedule C of the recipient's tax return. The recipient cannot deduct the gross proceeds from real estate transactions. If a Form 1099-S is filed on or after the first day of the month following the month in which the transfer occurs, the amount paid on Form 1099-S will not be included in gross income.
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