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    #1

    1099 s

    I've never seen this before. This would be an excluded sale, is there anything I need to fill out to keep them from having problems with the IRS.
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    #2
    Yes. If a 1099S is issued it needs to be shown on return. If 121 exclusion applies use code H on 8849 to exclude any gain.

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      #3
      I have had several of these this year for some reason. Ironically the real estate transactions that should have a 1099-S don't and those that shouldn't have a 1099-S do! But yes, in and out on Sch D to avoid a CP notice.

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      This message board allows participants to freely exchange ideas and opinions on areas concerning taxes. The comments posted are the opinions of participants and not that of Tax Materials, Inc. We make no claim as to the accuracy of the information and will not be held liable for any damages caused by using such information. Tax Materials, Inc. reserves the right to delete or modify inappropriate postings.

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