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Crodriguez79
Returning Member

1099-s form

I received a 1099-S form from the sales of my last property. It is asking me for the purchase price - we owned the house for over 13 years and had refinanced in between. I assume when they ask for the original purchase price I list what we originally paid? If so, that is the same amount we sold for 13 years later so not sure why I was given a form. Also, they are asking for my expenses listed on the closing statement which I no longer have - what should I do? 

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4 Replies

1099-s form

yes, there are seeking what you paid for the house 13 years ago

the refinance that occured doesn't matter 

 

is this a personal residence that you lived in all these years? if that is true, don't worry about the expenses listed on the closing statement - there will be no capital gains tax to pay in any event, since you infer there is less than $500,000 of gains over that 13 years. 

Crodriguez79
Returning Member

1099-s form

yes it was my person residence all these years. when I enter the date I bought 13 years ago it says I owe 67k in taxes..so something isn't right LOL 

Crodriguez79
Returning Member

1099-s form

Where do I actually enter section 6 on the 1099-s? it didn't ask me for that

LeonardS
Expert Alumni

1099-s form

Section 6 on Form 1099-S reports any real estate tax  paid by the buyer.  You do not enter this amount on your tax return as the seller.

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