1099-s

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  • gman
    Senior Member
    • Dec 2005
    • 676
    #1

    1099-s

    Seller sells rental property on installment sale contract. Closing company sent seller 1099-s for entire amount of sale, yet only one payment is made per year. It is correct for title company to put entire amount on 1099--correct?(in year of sale)
    Tags: None
    • Roland Slugg
      Senior Member
      • Aug 2006
      • 1860
      #2
      Yes, that is correct, and it does not prevent the seller from reporting the gain on the installment method.
      Roland Slugg
      "I do what I can."

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        • taxonomy
          Junior Member
          • Apr 2007
          • 19
          #3
          Installment sale

          Yes on 1099S. See form 6252 for sale & of course interest on B

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