1099

[DianeW777 · Accepted solution]

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.

[ortizvm]

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]

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

[kdosmer]

Send 2 1099s 

[kdosmer]

For services rendered in home improvement and business services

[VolvoGirl]

@kdosmer  What is your question?  What kind of 1099?   Do you want to fill out 1099NEC to give to someone?  Individuals do not issue 1099.  Only Businesses give out 1099.   Do you have a self employment business?

[Cablelarry72]

Good morning, I have questions about the 1099-S Proceeds from Real Estate Transaction.   My father passed on 01.012021, and me and my siblings, per his will become the owners of his home in Parkersburg, WV.  I received a 1099-s and need guidance to include this 1099-s form into my 2021 taxes and i am not sure if we owe taxes or not.  Your help is appreciated.  Thanks Larry S

[PattiF]

Just wanted to clarify that the house was sold in 2021.

@Cablelarry72

[nursemary2]

I have already filed for 2021 and the forms have been accepted.  I received two 1099-C forms after filing.  Do I need to amend my 2021 taxes?

[DoninGA]

---

@nursemary2 wrote:

I have already filed for 2021 and the forms have been accepted.  I received two 1099-C forms after filing.  Do I need to amend my 2021 taxes?

---

Yes you will need to amend the 2021 tax return that was filed to report the Forms 1099-C that you received.

An amended return, Form 1040-X, can only be printed and mailed to the IRS if the original tax return was not e-filed. The IRS will take up to 16 weeks or longer to process an amended tax return.

Before starting to amend the tax return, wait for the tax refund to be received or the taxes due to be paid and processed by the IRS.

The federal amended tax return, Form 1040-X, for tax year 2021 is estimated to be available in TurboTax on 03/17/2022

[nursemary2]

Thank you

[Cablelarry72]

Yes the home was sold on 8/27/2021.  Thanks

[sadams141]

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?   

[EstateReturn]

1099-R. Where does it go on TurboTax Business for an estate?