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How to prepare Form 1099-S

Open the Form 1099-S
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About Form 1099-S

What Is the Purpose of 1099-S? Generally the 1099-S is created to provide investors with an accurate description of the amount of capital gains realized on the sale of property. Although a seller pays tax on the purchase price of a home, no income tax is considered when selling the home. But when the home is sold, the seller takes the normal gain that would be realized if the home had not been sold. This gain can be either a short term gain (when the property sells for less than the amount paid for it) or a long term gain (when it sells for more than the amount paid by the seller for it). The 1099-S form is used to report the amount realized on a purchase and a sale of a home in the year. If the capital gains rate is the same, the amount reported on the 1099-S forms is the amount of capital gains realized. If the capital gains rate is different, then the amount reported on the 1099-S forms must report the amount of capital gains that were eliminated by either the short term or the long term capital gains rates. To get an accurate 1099-S form, you must report on your tax return any income (such as interest, dividends, rents, etc.) that is subject to taxation by the capital gains tax system. Generally, only real estate transactions are reported on the 1099-S form. Therefore, businesses such as partnerships, limited liability companies, and mutual funds must report sales of securities, commodities, etc., on income tax forms. As with the main tax form 1040, the 1099-S form is not a substitute for proper tax planning by both the buyer and seller. If you have specific questions about the real estate sale tax, please refer to the instructions for Form 1040A for more information. How to Report the Capital Gains Tax on a Sale of Real Property When you sell real property in a U.S. jurisdiction (state, county, city, or village), you face a sales tax in addition to your ordinary income tax (with exceptions for charitable giving and certain federal employees). This is called the real estate capital gains tax (RPG).

What Is Form 1099-S?

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FAQ - Form 1099-S

What is the purpose of Form 1099-S?
A Form 1099-S can be used to report an itemized deduction in a tax return if that item qualifies for the deduction. It is an individual's deduction for taxes paid on the amount shown on the Form 1099-S. To report the amount of your deduction on Form 1099-S in box “1,” you must specify the source of that deduction (for example, you may need to list the amount on Form 5990). Enter the amount on line 19 of Schedule C, column (c). If, on your return, only an itemized deduction is allowed, you do not need to specify source and the amount is reported as “None.” When should you submit a Form 1099-S for an itemized deduction? Make Form 1099-S available in case you need the money. If you use Form 1099-S for more than you need, the Form 1099-S is no longer needed; you can submit Form 1099-MISC. For more information about reporting Form 1099-S, including how to pay tax on the amount, see Publication 3 (Circular E), Standard Deduction and Filing Information. Does Form 1099-S have an electronic filing feature? Yes. After you have filed your return, contact a payroll service for more information about how to make Form 1099-S electronically available to the Department of Labor's online database.
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