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A 1099S form is a tax form used to report proceeds from real estate transactions, including sales or exchanges of real estate, mortgage interest payments, and certain distributions from a real estate investment trust (REIT).
The deadline for companies to issue 1099S forms is January 31st of each year. However, it may take a few days for the form to be sent and delivered to you. If you have not received your form by mid-February, you should contact the company to request a copy.
A 1099S form includes your personal information, such as your name, address, and Social Security number. It also includes the date of the transaction, the gross proceeds from the sale, and any adjustments made to the sale price.
Yes, any income reported on a 1099S form must be reported on your tax return. This income is subject to taxation and may affect your overall tax liability.
If you believe there is an error on your 1099S form, you should contact the company that issued the form and request a corrected version. It is important to report accurate information on your tax return to avoid any potential penalties or issues with the IRS.