topic Do I need a corrected 1099-S if my name was on the property deed, but I did not earn any money on the sale? in Deductions & credits

Do I need a corrected 1099-S if my name was on the property deed, but I did not earn any money on the sale?

amrivera21 — Wed, 28 Jan 2026 06:22:43 GMT

Re: Do I need a corrected 1099-S if my name was on the property deed, but I did not earn any money on the sale?

DoninGA — Wed, 29 Jan 2025 15:05:32 GMT

The Form 1099-S is for the property sale. It has nothing to do with whether or not you profited from the sale.

Re: Do I need a corrected 1099-S if my name was on the property deed, but I did not earn any money on the sale?

amrivera21 — Wed, 29 Jan 2025 15:40:28 GMT

Yes, I am aware. Thank you for your reply. However, the gross proceeds are reported on the 1099-S. These proceeds are to be reported when taxes are filed. Why is the same amount of proceeds listed on the seller's 1099-S and mine? I did not gain any proceeds, only the seller did. Should my 1099-S state $0?

Re: Do I need a corrected 1099-S if my name was on the property deed, but I did not earn any money on the sale?

DoninGA — Wed, 29 Jan 2025 15:46:27 GMT

If you are the buyer of the property you do not receive a Form 1099-S.

Re: Do I need a corrected 1099-S if my name was on the property deed, but I did not earn any money on the sale?

fanfare — Wed, 29 Jan 2025 16:18:49 GMT

when in receipt of a 1099-S, report the sale exactly as you would have without that 1099-S, but do report it.

(you can't take advantage of the "report not needed" rule based on ineligible gains.)

There is no panel for entering a 1099-S document.

@amrivera21