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A 1099-S is NOT required if the seller certifies that the sale price is for $250K or less and the sale is for their principal residence. A 1099-S is NOT required if the seller is a corporation or a government unit (this includes most foreclosures and properties sold at county tax auctions).
Form 1099-S reports the date of sale and the gross proceeds of the transaction, and it has been sent to the IRS, so a taxpayer who has received one must report it on their tax return.
Substitute Form 1099-S must include the sellers name, address, and taxpayer identification number (TIN); the buyers name, address, and TIN; the propertys description, including the address; the date of sale; the sales price; the amount of any real estate taxes paid by the seller; and any other information required
In general terms, Form 1099-MISC is issued to everyone but corporations. This includes individuals, partnerships and most professional business entities. An LLC is only considered to be a corporation if it has elected to be taxed as a corporation. If it has not, the LLC should receive a 1099-MISC.
Yes, a substitute 1099-S is ok with the IRS. The most important thing is that the sale of your second home is reported on your tax return, which the IRS will match to their copy of the 1099-S form. Additional information: Where do I enter the sale of a second home, an inherited home, or land on my 2022 taxes?
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People also ask

Who Doesnt Need to Receive a Form 1099-MISC or 1099-NEC? Generally, C corporations, S Corporations, and LLCs formed as corporations or S Corps dont need to receive a 1099-NEC or 1099-MISC. On irs.gov, check the 1099-NEC instructions and 1099-MISC instructions for exceptions when you are required to issue a 1099.
When you sell your home, federal tax law requires lenders or real estate agents to file a Form 1099-S, Proceeds from Real Estate Transactions, with the IRS and send you a copy if you do not meet IRS requirements for excluding the taxable gain from the sale on your income tax return.

substitute 1099 s form 2023