Settlement statement

[gman]

Does the substitute form 1099 seller statement include social security or federal identification number? I am looking at one and cannot find numbers on it. How can it be matched to an individuals tax return without any ID #'s. It is not a 1099-s. This is the title company substitue form.

Thanks

[FEDUKE404]

Clarify please

Does the substitute form 1099 seller statement include social security or federal identification number? I am looking at one and cannot find numbers on it. How can it be matched to an individuals tax return without any ID #'s. It is not a 1099-s. This is the title company substitue form.

Thanks

I never heard of a "1099 seller statement." Are you perhaps referring to the HUD-1 form??

If so, that is not a tax document. Whether a Form 1099-S would or would not have been issued depends upon the circumstances surrounding the actual sale.

FE

[gman]

Settlement statement

It is a HUD statement and states "Substitute form 1099 seller statement" . States it is important tax info and is being furnished to IRS.
I am questioning because it is a Family Trust and has both the Trust name and beneficiaries listed as sellers. I do not do the trust return.
I was wondering if the Trust is going to report it or each individual that received a share.

Thank you

[Burke]

I thought I read somewhere that the HUD-1 could suffice as a substitute 1099 as well, but there is no way to know if the closing agent actually sent it to the IRS, and without the SSN's (they rarely are on there, but I have seen them occasionally) I don't see how it could enter the matching program. I have also seen many errors on them regarding the "sellers" when estates and trusts are involved. However, I have never seen a CP2000 on one of these.

[taxea]

What is the date of the sale of the property? If it is the current year then the HUD statement may contain the total for all beneficiaries combined. The 1099 will not issue until the end of the year. TP should contact whomever is responsible for the sale to determine whether the 1099s is going to contain the total amount or be distributed to each beneficiary showing only their share of the sale price. Once you have this info and the 1099s is received you will be able to allocate the income and expenses accurately.