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.

CR46
New Member

who creates 1099 for lost earnest money on investment property to seller

I have lost my earnest money on an investment house. Who creates the 1099 to be mailed to the seller? If the buyer that lost the earnest money does, which 1099 should be used?

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.

2 Replies
ThomasM125
Expert Alumni

who creates 1099 for lost earnest money on investment property to seller

Form 1099-S would be filed for real estate transactions. The individual or company that is responsible for processing the closure on the property is the one who is responsible for issuing the form 1099-S, unless there is a written agreement as to who else is responsible for it.  You can read more in the instructions to form 1099-S here:  Form 1099-S

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
Hal_Al
Level 15

who creates 1099 for lost earnest money on investment property to seller

In the situation you describe, there is basically nobody who is required to create a form 1099.  You file your taxes based on your own records.

 

In TurboTax (TT), enter at:
- Federal Taxes tab (Personal in  Home & Business)

 - Wages & Income

Scroll down to:

-Investment Income

   -Stocks, mutual funds, Bonds, Other (Real estate is other)

Answer no, when asked if you got a 1099-B. then follow the interview. When asked if used for business or rental, check "other investment purpose"

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies