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A_1812
Returning Member

Reporting 1099-S

I am reporting the total proceeds from 1099-S received from sales of property on Schedule C Part I-Line 1

I am reporting income on Schedule C since the proceeds were from real-estate flipping activity- I am classifying my activity as a "dealer" not investor.

Do I need to attach statement to tax return explaining why 1099-S total is on Schedule C  and not on  Schedule D to IRS? 

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2 Replies

Reporting 1099-S

What return are you filling in ?   A 1040 with a Sch C ?   Or an 1120-S ? 

A_1812
Returning Member

Reporting 1099-S

I'm filing 1040 with Schedule C

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