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The Form 1099-S is for the property sale. It has nothing to do with whether or not you profited from the sale.
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?
If you are the buyer of the property you do not receive a Form 1099-S.
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.
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