Thank you for the advice M-MTax,
I agree with you that it was an "oversight/mistake" by the title company in charge of verifying the authenticity of the sales transaction back in May of 2023.
As I mentioned in my previous response to DoninGA, I had sent a request for a corrected 1099-S to the title company that closed the fraudulent sale in May of 2023 and their response indicating that the title company's accounting department was "unaware of any means of correcting a previously issue 1099-S" was bit surprising to say the least. It appears the title company is unable to own its "mistake" after having to reach out to the title company underwriter which investigated the sale of the vacant lot and determined that the sale was a fraudulent one.
I'm very interested in your second advice regarding the inclusion of the fraudulent 1099-S for $55,000 in my 1040 form (where?) and the its reversal in Schedule 1.
Since I never done this before, isn't there some additional documentation I should provide to the IRS as well?
Regards,
Priller
