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Form 1099-S Illinois: What You Should Know
It is advisable for sellers to provide proof of ownership. If this form is completed, and you did not list your principal residence under Section 1-305, the state of Illinois will be required to withhold up to a 250.00 tax deduction on Form 949 (Property Sold By The Principal Residence) for your transfer of that property (i.e. the primary residence). There is a deadline of 15 days after filing the form to file Form 949, Property Sold By the Principal Residence. If you do not file Form 949 (Prop. Property Sold By: Domicile No.): Your tax return will be delayed. It is advisable for sellers to provide verification of ownership of the property or the proceeds of the sale. If you are filing Form 1099-K, the IRS will determine if any portion received is not considered income to you as a U. S. individual by examining the records of the sale. For information regarding the Form 1099-K deduction, see Do Form 1099-S and Forms 1099-G and 1099-M need to be filed each year? For information regarding the tax consequences of the failure to file Form 1099-K annually, see Other Forms and Certificates of Loss Consequences of not filing Form 1099-K There are also many other forms that are required of the purchaser of property. The tax consequences of not filing the forms are: Failure to file the Form 1099-R (Interest and Other income of property placed in service after January 1, 1986) with the IRS. Failure to file the Form 8816, Property of a Qualified Retirement Plan. Failure to file the Form 6166, Disposition of a Qualified Farm (Farm Retirement Plan, Archer M.A. or Retirement Plan for Life, etc.). Failure to file the Form 8816, Property of a Qualified Farm (Farm Retirement Plan, Archer M.A. or Retirement Plan for Life, etc.). Failure to file the Form 8813, Property from a Qualified Estate. Failure to file the Form 706, Miscellaneous Items. Failure to file any of the following forms: Failure to claim the exclusion on Form 1039.
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