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Lakeland Florida Form 1099-S: What You Should Know

The Proceeds from Real Estate Transactions form is used for reporting all gains or losses from the sale or exchange of securities and other property. You can use the form to report any gain or loss if: The transaction qualifies as a long-term capital gain or loss. There was actual money or property transferred, other than from one taxpayer to another, that was the proceeds of the transaction. There was no income, gain, or loss, or a change in a position that has the effect of increasing or decreasing income, gain, or loss as income or deduction. There was no change in the taxpayer's basis for either money or property. All or a portion of the transaction was for the purpose of purchasing real property for resale. Information about Form 1099-S, Proceeds from Real Estate Transactions, Fill out this form for the following types of property that qualify as proceeds from the disposition of real property: You must send the completed and notarized form to the address listed below. The completed form must include the following information: Name of the taxpayer. Date the property was disposed of or traded in. Name of the buyer. Address of the purchaser, if known. Any sales price paid, any commission paid, and any amount paid, if any, as a penalty. The amount of any capital gain, loss, or other capital loss arising from the disposition or trade in the property, even though the purchaser was the seller on the date the proceeds were reported. The property is disposed of, or traded in, on or after that date. Form 1099-S (Rev. 1) (Info Copy Only). File this form, if, in the ordinary course of business as a real estate broker, a buyer or seller enters into the sale or exchange of a real estate property or other property for cash. The Form 1099-S (Info Copy Only), with the buyer or seller's Social Security Number (if required) Form 1099-S (Info Copy Only) — Taxpayer Identification Number (ITIN) This form reports the social security numbers of persons who are required to file a U.S. tax return under section 6321(a) through (d), but are not required to file Form 1040 because of a physical or mental disability and because of an age or other special circumstance.

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