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Form 1099-S ND: What You Should Know

Form 1099-S and 1099-MISC — efile4Biz Form 1099-S Instructions & Tax Reporting Pointers — efile4Biz [1] The 1099-S is used to report the net proceeds from the sale or exchange of an interest in land. This form may include a purchase price adjustment, interest or other gains from any real estate and the net proceeds. This form does not include amounts for capital gain or loss from any transaction.  Form 1099-S Instructions for Rev. 5-19-21 | Real Estate Transactions & Your Taxes A form 1099-S (Rev. 5-19-21) is used to report both the sale or exchange of real property and gains and losses from the sale or exchange of a real estate investment partnership (REIT) or rental property. Form 1099-S Instructions & Tax Reporting Pointers — efile4Biz Form 1099-S (Rev. 5-19-21) is used to report proceeds from REAL ESTATE TRADING AND TRUSTS. There are three types of real estate transactions: 1) sale of real property: this is where a taxpayer sells a property and sells “the proceeds thereof;” 2) exchange of real property: a taxpayer exchanges two or more property, other than money, for property, other than money, other persons, or partnership property. If a taxpayer enters into an exchange to sell, there is no “sale” if all the exchange units are sold; 3) gain from a partnership: a taxpayer has a “gain” from the sale of partnership assets if property, other than money, is sold and the partnership is no longer associated with the taxpayer and the taxpayer makes no capital gain. However, if the real property sale itself results in a capital gain or loss, there is no Gain from Partnership Property. This may not be the case if the sale is one of several sales through a series of linked transactions (see the FAQ for this topic). [2] Asking about your 1099-S will help to determine if the exchange or sale of non-money shares resulted in any capital gain or loss. Form 1099-S Instructions & Tax Reporting Pointers — efile4Biz The 1099-S is used by non-profit organizations to report distributions of property, other than money, to other non-profits.

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