Form 1099 S
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Level 2

Form 1099 S

I received a Form 1099 S after I filed my 2019 Taxes for my second home I sold during 2019.  I have to amend my taxes and I have a question on how to properly file this form.  Under Second Home Information, is asking for Net Proceeds, but my 1099 S form only  shows Gross Proceeds ( the actual selling price).  My question is,  where do I enter the closing expenses incurred on the second home? Also,  where do I put the information for the Title Company that send me the 1099 S?

2 Replies
Employee Tax Expert

Form 1099 S

You should report the proceeds listed on your form 1099-S as the net proceeds and add the costs of sale to the basis (cost of property plus improvements, less depreciation if any). So, the gain or loss will be what you made on the sale.

 

You are not required to report the name or ID listed on the form 1099-S. You just keep that in your files in case you ever get audited.

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Level 2

Form 1099 S

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