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Form 1099-S Texas: What You Should Know
The Form 1099-S form is not an IRS Form W-2. The payment of taxes is not supposed to be paid directly from a business but instead received from an intermediary, such as the seller or lender, and is then forwarded to your employer. Because the payment is made from an intermediary the IRS Form 1099-S should be filed with your employer. In short, a copy of the full tax payment to the IRS is needed for both payroll and federal tax forms. In the case of real estate transactions the Form 1099-S is useful for a few reasons. To document the full amount of a sale or other transaction. To record on Form 1099-S when the sale or transaction is closed. To report the fair market value of the real estate, as a seller, in the same line on your 1099-MISC and 1099-DIV tax forms. Form 1099-S can also be an aid to prepare a return when the value of the real estate being sold or acquired differs materially from the value reported in your 1099-MISC and 1099-DIV forms. IRS Form 1099-S How it Is Not Not Required: • Taxes were paid directly to the vendor or to an intermediary (such as a broker) by the seller. However, since the amount of money that a seller pays for land or goods, as well as the price paid for a piece of real estate, must be determined with due care, the sale or transaction must be reported on a form that would meet IRS guidance and that provides for proper reporting and reporting when the sale or transaction is closed. • There is no record of the amount of cash paid by seller(s) to a buyer to cover a down payment, mortgage or similar financing obligation. For this kind of transaction the seller may use the sales price reported on the Form 1099-MISC to report the purchase price of the asset. For tax purposes, the transaction is treated as closing the sale when all the necessary information has been provided. • The purchase of real estate does not include investments in a company's securities. How Is the Form 1099-S Formed? By default, when the sale or transaction is made a Form 1099-S is not filed with the vendor or the intermediary. If information is not provided as required by IRS regulations, Form 1099-S is not filed.
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