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?
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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 Business, TurboTax 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.
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