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richhwe
Returning Member

Do I need to claim a 1099-S for $500 for a corner of my property the city took to widen the street corner

I received the 1099-S after I received my refund

1 Best answer

Accepted Solutions
Texas Roger
Level 15

Do I need to claim a 1099-S for $500 for a corner of my property the city took to widen the street corner

This is income that must be reported on your tax return. The IRS will get a copy of the 1099-S and probably tax it as ordinary income or a short term capital gain unless you amend your return and report it. The amended return form 1040X is estimated to be available on 2/28/19. You should wait until you get your refund from your original return before doing an amended return. Do not change your original return until you start the amended return. Amended returns must be printed, signed, and mailed. They can't be efiled. 

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1 Reply
Texas Roger
Level 15

Do I need to claim a 1099-S for $500 for a corner of my property the city took to widen the street corner

This is income that must be reported on your tax return. The IRS will get a copy of the 1099-S and probably tax it as ordinary income or a short term capital gain unless you amend your return and report it. The amended return form 1040X is estimated to be available on 2/28/19. You should wait until you get your refund from your original return before doing an amended return. Do not change your original return until you start the amended return. Amended returns must be printed, signed, and mailed. They can't be efiled. 

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