1099-S error

[bsl2020]

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. 

[Vanessa A]

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

[bsl2020]

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 ! 

[JohnW152]

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