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Printable Form 1099-S Hayward California: What You Should Know

Hayward Tax Commission About Form 1099-MISC — Tax on Incomes — IRS What is 1099-MISC, How to Report, File, or Make Payments on It, and Who Must Report 1099-MISC, or Miscellaneous Income, is income that doesn't have to be itemized separately on an individual tax return. You don't have to file Form 1040, and you can also report 1099-MISC on your personal taxes without claiming any itemized deductions. You must have a federal tax return, 1040 federal tax return or 1099-MISC tax return to pay taxes on your income reported on any of those items. Form 1099-MISC helps you make tax payments. You might be able to report 1099-MISC income from rental real estate rentals to make payments toward your state and local taxes. The IRS also has information on how to report, file and make payments on the 1099-MISC form. You'll need to go to IRS Tax Tip: Ten99-MISC Instructions If you're reporting a business income, such as profits from investments or freelance writing, a tax professional might advise you to file Form 1099-MISC as an addendum to your original report rather than as a separate return. Form 1099-MISC does not: • Give you any tax advantage. • Enable the purchase or sale of any real estate. • Provide an advance estimate for state and local income taxes paid on rental real estate. • Improve your credit for any creditable interest that you pay for real estate. • Extend your tax year. • Provide any tax deductions. • Reduce or eliminate any tax liability. • Apply to income that is not subject to tax or that is not income from a business that qualifies you for an itemized deduction. About Form 1099-MISC (INFO COPY ONLY) — Revenue Code — IRS For detailed information on how to report and pay taxes on sales of and exchanges for real estate, you might want this Form 1099-MISC, Revenue Code Information. Form 1099-MISC is the form that you used to report income when you sell your rental real estate, but you only file it if you meet all the other income and expense reporting requirements of the other forms mentioned above.

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