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shepherd1
Level 1

Multiple 1099-s on one sale

I sold a parcel of land to an oil company for a pump station. I received a 1099-s for a down payment on the purchase. I received a 2nd 1099-s from the title company on closing for the original price. I also received a 3rd 1099-s from the oil company for an additional amount that they paid to get entrance to the land for an early start.  These 1099-s all were for the same piece of land. How should I show them on the form 4797?

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Accepted Solutions
MinhT1
Expert Alumni

Multiple 1099-s on one sale

If the 3 forms 1099-S are redundant and are for the same transaction, you only need to enter one of them to report the sale of your piece of land.

 

Just keep all three documents with your tax records in case of inquiry from the IRS.

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1 Reply
MinhT1
Expert Alumni

Multiple 1099-s on one sale

If the 3 forms 1099-S are redundant and are for the same transaction, you only need to enter one of them to report the sale of your piece of land.

 

Just keep all three documents with your tax records in case of inquiry from the IRS.

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

View solution in original post

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