1099

Forum|Forum|5 years ago
March 14, 2021
3 replies
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Best answer by DianeW777

If you wouldn't mind clarifying for us a few more details, we have many experienced agents here to help you. Some questions would be what type of Form 1099 (MISC, NEC, INT, DIV, B, or something else); whether you want to send one, or whether you received it and are unsure what to do with it on your tax return. We appreciate you and we want you to have a great experience.

DianeW777Answer

Level 15

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ortizvm

Level 2

I checked on the bank website for a 1099-S and only the 1098 is listed. Sold the home in May 2020. What do I do next?

JohnB5677

Level 15

You do not need a 1099-S. It is a record for the sale of investment property. If you have sold your home there are some exclusions that will help you.

As long as you owned and lived in the home for two of the five years before the sale, up to $250,000 of profit is tax-free. And if you’re married and file a joint return, that amount doubles to $500,000.

The two years do not have to be continuous. You could occupy it for six months and qualify for the exclusion.

Be very sure on the dates you occupy it to ensure that that you've completed the entire two year period.

IRS Pub 523: Rules for sale of home

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sadams141

Level 2

I have a 1099-S form from a sell of house in another State. My wife brother who pasted away last year. My Wife and her sister inherited the house. They split the money from the sale of the house. The 1099-S show the full amount of the house sale not just the half we got. How do I handle this in Turbo Tax?

judyharvard

Level 2

Do I need to do a Schedule D to report proceeds of a Stock sale for $5.42. I did not initiate the sale, the Broker did not initiate the sale, it was the result of a reverse split of GE stock.