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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?

 
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4 Replies

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?

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

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?

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?  

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?

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

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?

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 

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