This year we sold commercial real estate owned by an LLC and closed the LLC. A tax return has been filed for the LLC every year and doing the LLC tax return in TurboTax Business shows a tax loss and records it on the K-1s. However, we did receive some money for the sale and the bank has issued a 1099s showing the commercial real estate address but individual names, not the LLC. It seems to me we should report what is on the K-1, but that leaves the 1099s unreported. Any thoughts?
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If you did not include the proceeds from the sale of the commercial real estate on your LLC tax return, the gain or loss on the sale of the property by the LLC is not reported correctly on the LLC tax return, and the resulting K-1 is incorrect.
If the amounts reported on the 1099-S form were included in the calculation of the gain or loss on the sale of the property by the LLC, then the 1099-S form has been reported on the LLC return.
I own a rental house as a individual and sold it. I got a 1099-s form title co. Turbo tax does not recognize this form so I cannot input it
Please follow these steps to report the sale of your rental property. ( There is no "Tab" specifically for the Form 1099-S.
@kingfook333 the 1099-S is informational only It is not reported anywhere on any tax return ever. You can throw it away if you want. However, the fact that you were issued a 1099-S means that you have to report the sale to the IRS *no* *matter* *what*.
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