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?
You'll need to sign in or create an account to connect with an expert.
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.
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
Where do I actually enter section 6 on the 1099-s? it didn't ask me for that
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.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
olwi00
Level 2
irippybr
New Member
JR500
Level 3
lagustaf
New Member
KenMO
New Member