When I sold my home, my attorney requested that I complete and sign a "1099-S INPUT" form that includes the property information, the contract sales price and the seller information, including my SSN. The contract sales price before commissions and closing fees was $165,000. I lived in this home for 30 years and paid $60,000.
Will I get a 1099-S ? If so, who prepares it and sends it to me? I understand that If the 1099-S isn't prepared, I don't have to report the sale. In any case, I won't have any tax liability as the capital gain is not more than $250,000.
The 1099-S may already be in your closing paperwork you received at the sale. That is the most common method of delivery. It is possible that they are mailing you a form. You need to contact them to determine if you are being issued a 1099-S.
Related: Is the money I made from a home sale taxable?
The 1099-S may already be in your closing paperwork you received at the sale. That is the most common method of delivery. It is possible that they are mailing you a form. You need to contact them to determine if you are being issued a 1099-S.
Related: Is the money I made from a home sale taxable?
This was for a parcel of land withing a LLC I do not see a form in tubotax to put info into like other 1099's
If the sale was not your main home, then the gain cannot be excluded from income.
If the LLC is a partnership or S-corp, it should be reported on their respective tax return. If it is solely owned, you can report it on your individual tax return: