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ex
Level 2

1099S and Settlement Company

I hope I am not too confused about 1099S - does the settlement company supposed to send a 1099S to IRS for a sell of an rental home with capital gain? They told me they do send anything to IRS and my closing disclosure/HUD-1 has all the info I need. I have done the Schedule D/form 4797 but was wondering how does IRS cross check the information on from 4797? I am using Turbo Tax Home Business - Thanks
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RichardG
New Member

1099S and Settlement Company

Yes, in most cases the settlement agent is required to send Form 1099-S to the IRS and to the seller.  As a practical matter, the form isn't all that helpful for the seller in preparing the tax return, so go ahead and complete your return without it if you already have all the information you need.

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2 Replies
RichardG
New Member

1099S and Settlement Company

Yes, in most cases the settlement agent is required to send Form 1099-S to the IRS and to the seller.  As a practical matter, the form isn't all that helpful for the seller in preparing the tax return, so go ahead and complete your return without it if you already have all the information you need.

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ex
Level 2

1099S and Settlement Company

Thanks RichardG -  Yes I do have all the info I need (as my form 4797 is complete). I can only assume that 1099S is not required and not having it does not raise a flag with IRS (as the result I should not spend anything calling the settlement  company and asking about it since they already said they do not send anything to IRS) - Thanks again
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