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1099-S Form


Yardley CPA
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Why would you?   I assume you have the closing statement from the client?   So long as you have the relevant data to accurately compute the gain and the §121 exclusion, why would you intentionally answer a question on the return incorrectly?   Am I missing something where the software requires a 1099S to record the sale of a home?

Tom
Longview, TX

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2 hours ago, BulldogTom said:

Why would you?   I assume you have the closing statement from the client?   So long as you have the relevant data to accurately compute the gain and the §121 exclusion, why would you intentionally answer a question on the return incorrectly?   Am I missing something where the software requires a 1099S to record the sale of a home?

Tom
Longview, TX

I never intended to answer a question incorrectly.  I'm asking what is the downside to doing that?  Assuming the client says they didn't receive one, but actually did...if you check "No", is that an issue?  

I currently have a client who "doesn't remember" receiving one.  I checked no on the return but was just wondering the ramifications if he did in fact receive one.   I assume the IRS is looking to match the sales price to the amount reported on the 1099-S.  

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46 minutes ago, Yardley CPA said:

I never intended to answer a question incorrectly.  I'm asking what is the downside to doing that?  Assuming the client says they didn't receive one, but actually did...if you check "No", is that an issue?  

I currently have a client who "doesn't remember" receiving one.  I checked no on the return but was just wondering the ramifications if he did in fact receive one.   I assume the IRS is looking to match the sales price to the amount reported on the 1099-S.  

Sorry, I guess I understood your question incorrectly ;o)

I don't think there is a downside.   If the IRS gets a 1099S for your client, I would hope they would look at the 1040 and the schedule D before they sent out a letter....but this is the IRS.   At any rate, the response letter would be pretty easy "Taxpayer did not receive the 1099S, please see details of sale related to 1099S on the attached Sch D which was part of the e-filed return."

Tom
Longview, TX

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