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Form 1099-S MS: What You Should Know
Form 1099-S. (Rev. January 2022). Cat. No. 64292E. Proceeds From Real. Property, Equipment And Leasehold Improvements. Copy. For. Internal Revenue. Service Center. Instructions for Form 1099-S (01/2022) — IRS Dec 9, 2023 — File Form 1099-S, Proceeds From Real Estate Transactions, to report the sale or exchange of real estate. Form 1099-S. (Rev. January 2022). Cat. No. 64292E. Proceeds From Real Estate. Form 1099-S. (Rev. January 2022). Cat. No. 64292E. Proceeds From Real Estate Transactions If you're the seller of a property that you own, but the property isn't your principal residence, or you aren't the actual owner, you can sell the property and receive a federal tax refund (a reduced tax liability) if you report the sale on your Form 1099-S. A. Use Form 1098-E, U.S. Real Property, Land, or Building. To report the sale or exchange of real property. For. Internal Revenue. Service Center. B. Use Form 8938, U.S. Real Property, Land, or Building (other than real property that is listed in an annual real property report). To report the sale or exchange of real property for a person or substitute in a partnership-including, without limit, a limited partnership or a trust-without regard to qualifying real property transactions. For. Internal Residence. Service Center. C. If you hold the mortgage for a taxpayer's property, you must: 1. Report the proceeds from the sale on the taxpayer's Form 1040. 2. Do not report the proceeds from a sale of real property for the taxpayer's spouse, children, grandchildren, or any other substitute if the real property is exempt from tax because of a federal title or an exception under §1 and T. Rev. Stat. §1.861-5(a)(9)(ii) (Exclusions). 3. For a partnership that has less than two owners, report the sale or exchange on Form 8821, Income Tax Return of Partnership for Sale of Partnership Interests in Real Property (or Other Subtitle A Property); for a partnership whose partners are not U.S.
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