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King Washington Form 1099-S: What You Should Know
Form 1099-S (Proceeds from Real Estate Transactions) can be filed by any individual who reports his or her real estate transactions to the Internal Revenue Service (IRS). For example, an individual who sells stock to a trust, who then purchases another bond and makes the same sale, must file Form 1099-S. When To Report Your Timber Sales Tax: First-time Timber Sales Are Not Required To File Under the Taxpayers' Right To Know Act; Second-time Timber Sales May Be Required To File Form SS-4 (Tax-Sensitive Timber) First-time Timber sales are not required to file tax returns, and there is no penalty for failing to report them under the Taxpayers' Right to Know Act (“TRACK”). However, first-time residential or commercial real estate sales of any quality over 400 in one year may be required to file a Form SS-4 (Tax-Sensitive Timber) or Schedule G (Residential Instrument). This Schedule is a report filed with the IRS by a U.S. person or business on every first-time residential or commercial real estate sale, whether the property is acquired by gift, bequest, or other means; and whether the sale is one-time, or a long-term, investment property. Under the Taxpayers' Right to Know Act the sale or exchange of residential or commercial real estate for at least 400 will need to be reported to the IRS. If the sale and exchange were the result of the sale of real property to or for another person, the sale of the real property for a value of at least 400, or both a residential and a commercial property, would be subject to Form SS-4 (Tax-Sensitive Timber) and the sale of other property would be subject to Schedule G. Form SS-4 (Tax-Sensitive Timber) is required as a result of the sale of any property. The sale or exchange of a single residential or commercial property must also be reported to the Form 926 (Residential Instrument) for the calendar year in which the seller made the sale or transfer of the real property. If your property is a first-time residential or commercial real estate transaction, you will have to file a form SS-4 (Tax-Sensitive Timber) within 30 days of the date of sale.
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