☰
✕
Sign In

Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
Level 2
posted Apr 14, 2022 11:54:12 AM

1099-S error

I received my 1099-S from the title company after selling my investment property. I noticed an substantial error on line 2 (Gross Proceeds).  It's close to the filing deadline.  I contacted my realtor to reach out to the title company but no response.   Should I report the correct amount or use the reported amount?  The IRS should already have the copy from the title company.   I don't want  to amend or extend at this point. 

 

 

0 3 1025
3 Replies
Expert Alumni
Apr 14, 2022 12:04:03 PM

You should report the correct amount.  If you report the wrong amount, you would end up needing to amend your return. 

Level 2
Apr 14, 2022 12:06:08 PM

I really appreciate your quick response.   I will move forward to report the correct amount.   I am assuming the title company involved will send the IRS a revised 1099-S.  

 

Best Regards ! 

Level 15
Apr 14, 2022 12:25:32 PM

Yes, you’re correct – the IRS will receive an amended Form 1099-S, if one is issued.