turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Do i need to issue a 1099-S?

I sold my rental property to an LLC for what I paid for the property and then continued to receive section 8 rental payments feom the program as it takes a long time to transfer. Do I need to issue a 1099-S to the LLC for the rental payments that I transferred to them so that I don't have to claim it as income?

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
PatriciaV
Employee Tax Expert

Do i need to issue a 1099-S?

Form 1099-S Proceeds From Real Estate Transactions is used to report the sale or exchange of real estate. This form does not cover incidental transactions after the closing date of the sale. 

 

If you paid the amount of Section 8 payments to the new owner, you could prepare Form 1099-MISC to report those payments. This form is available in TurboTax Quick Employer Forms (QEF), a service we offer to customers who use the TurboTax BusinessTurboTax Premium Online, and TurboTax Home & Business.

 

On your personal/business tax return, the income would be offset by "miscellaneous other expenses" equal to the payments you sent to the LLC.

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question