1099S Correct?

[vegasbillea]

Client received a 1099S from a sale of land in a family trust.
The trust has an EIN #. and the sales proceeds is on shown the trust
final (last asset in the trust)1041. K1s issued to the 3 beneficiary's reflecting
their share of the income/loss. Question - should the 1099S have my client's
SS# listed (he is the trustee) and not the EIN# of the trust. I'm trying to
figure out what to do with the 1099S since it alredy is reflected on the trust
final 1041 tax return.

[Roland Slugg]

The trust was the owner and seller of the land, wasn't it? If so, then the 1099-S was properly issued to it and correctly used its TIN.

[vegasbillea]

Thanks Roland for the help

Roland, thanks for your reply.
You are indeed correct the trust did own
the land.

[Burke]

So you don't do anything additional with the 1099-S, since it has been accounted for on Schedule D of 1041.

[vegasbillea]

Thanks Burke

Thank you for taking the time to reply.
Just for clarity, even though the 1099S has my
clients SS# and it was accounted for on the final
1041, just advise the client there is nothing to report
other than the k1 he received.

[Burke]

Well, that's a horse of a different color. I thought you said 1099-S had EIN of trust on it? So, if it has his personal SSN on it, IRS is going to match against your client's 1040 and you need to account for that by showing it on Sche D and then fixing it so no gain/loss - net zero. Or get a CORRECTED 1099-S from the issuer. They should not have used his personal SS# but that is probably what he gave them when they asked. So it was his error.

[vegasbillea]

1099S Correcrt

I'm apologize for not being clear in my question, my bad.
But most of all, thanks for the update information.
I was already trending in that direction, glad for your
information.