Tax

Have a Tax Question? Ask a Tax Expert

Ask an Expert,
Get an Answer ASAP!

Tax
This answer was rated:

If a 1099-S is issued to an individual due to the loan being

in the individual's name and...
If a 1099-S is issued to an individual due to the loan being in the individual's name and transferred to the individual from a Corporation as a requirement of lender approval for a short sale. Would reporting the 1099-S amount on the individual's Sch D as "nominee" be an accurate way to inform the IRS that the sale is being reported in the corporation's return instead?

How to word it/report it on Sch D?
Show More
Show Less
Ask Your Own Tax Question
Answered in 23 hours by:
8/3/2010
jgordosea
jgordosea, Enrolled Agent
Category: Tax
Satisfied Customers: 3,161
Experience: I've prepared all types of taxes since 1987.
Verified

Greetings,

 

Whether or not that is an accurate reporting will go back to the facts and circumstances of the ownership of the property. The ownership of property is a matter of state law and the IRS (or Tax Court) will look to the applicable state law to determine who legally owned the property. You may want to consult a local attorney if you are not certain as to the ownership of the property.

 

Of course, issuers of Form 1099 do report to an incorrect person on a somewhat regular basis and often an entry on the tax return, as you suggest, is used to prevent a computer generated notice due to the 1099 as it was reported. In a sense this would not be an accurate reporting; but may be the only resort if the 1099 will not be changed by the issuer.

 

In order to prevent a mismatch by the computer the Schedule D would have to list the amount on the 1099-S as sales proceeds. Depending on the software used there may be several ways to list it as no realized gain (such as personal loss not deductible) ; but you can possibly use a cost equal to the proceeds to show zero gain regardless of software.

 

The best and most accurate reporting is for the information documents to be corrected to properly reflect the substance of the transaction. That may or may not always be possible to achieve.

 

Thank you.

jgordosea
jgordosea, Enrolled Agent
Category: Tax
Satisfied Customers: 3,161
Experience: I've prepared all types of taxes since 1987.
Verified
jgordosea and 87 other Tax Specialists are ready to help you
Ask your own question now
Ask jgordosea Your Own Question
jgordosea
jgordosea
jgordosea, Enrolled Agent
Category: Tax
Satisfied Customers: 3,161
3,161 Satisfied Customers
Experience: I've prepared all types of taxes since 1987.

jgordosea is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,300 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,338 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

Robin D.

Robin D.

Senior Tax Advisor 4

13,980 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,651 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

3,161 satisfied customers

I've prepared all types of taxes since 1987.

R. Klein, EA

R. Klein, EA

Enrolled Agent

1,839 satisfied customers

Over 20 Years experience

< Previous | Next >

Related Tax Questions
As per the new tax law, the property tax deductions of 10000
As per the new tax law, the property tax deductions of 10000 is it per property or per tax payer per property?If both wife and husband file together can they claim 20000 towards one property or just 1… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
37 satisfied customers
What are the forms for reporting Rental Income to the IRS on
What are the forms for reporting Rental Income to the IRS on foreign properties - we collect each month? Is this filed separately from our personal returns?… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
1,068 satisfied customers
Whats the best tax software to file personal and business
Whats the best tax software to file personal and business taxes. we started our firm last year and we have very few clients we would like to pay per tax file because we have about 30 clients only.What… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
502 satisfied customers
HOW DO I REPORT THE SALE OF A RENTAL PROPERTY AT A LOSS AND
HOW DO I REPORT THE SALE OF A RENTAL PROPERTY AT A LOSS AND THE DEPRECIATION. … read more
Tax.appeal.168
Tax.appeal.168
Principal
13 satisfied customers
My boss personally lended an individual 100000 and the
My boss personally lended an individual 100000 and the balance is now 82000, the person he landed this money to has stopped making payments, how can he claim this on his taxes and what tax from should… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
13,980 satisfied customers
I have a question regarding the state and local tax
I have a question regarding the state and local tax limitation passed by congress limiting the deduction to $10000. Is this final or is it still being ironed out by the powers that be? My clients are … read more
Carter McBride
Carter McBride
LLM
239 satisfied customers
Can a parent with state, local & property taxes in excess of
Can a parent with state, local & property taxes in excess of 20k transfer his primary residence to his son for 1.00 in 2018 so the son can then itemize & benefit from the 8,600 of annual property taxe… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,791 satisfied customers
The 2018 tax law will allow homeowners to deduct property
The 2018 tax law will allow homeowners to deduct property taxes and either income or sales taxes with a combined limit on these deductions being limited to no more than $10,000. What does this mean? w… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
13,980 satisfied customers
On Form 706 Schedule D, if the proceeds were paid directly
On Form 706 Schedule D, if the proceeds were paid directly to a funeral home to pay for funeral expenses should the face value of the policy be included on this schedule? Also should the funeral expen… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
37 satisfied customers
How does a trustee fill out 1099-s, On form 1099-s— question
On form 1099-s— question #1. I am a trustee for a revocable trust. Home is trust is sold. Who do I put as “Seller”. Who's. Soc sec#? It clearly states that the trustee should NOT list their name as seller unless I am reporting proceeds on my personal return. I AM NOT! Escrow officer is NO HELP!!! … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
37 satisfied customers
Form 8300. We are doing a business to business transaction.
We are doing a business to business transaction. The form is not clear on how to compete. Do we complete Part I f … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
37 satisfied customers
On october 30th I mailed form dt individual to the IRS in
on october 30th I mailed form dt individual to the IRS in Connecticut Certified mail showed it had been delivered on Nov 2 I have heard nothing … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
37 satisfied customers
I received a 1099 S from the short sale of our home in 2016.
Hello I received a 1099 S from the short sale of our home in 2016. The bank did not cancel the loan until 2017 so they informed me that I will receive. 1099 C next year. So my question is how do we re… read more
Tax.appeal.168
Tax.appeal.168
Principal
13 satisfied customers
How to report the sale of a property outside US? How to
How to report the sale of a property outside US? How to claim the taxes paid abroad on the profit made by selling property overseas?… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
37 satisfied customers
I just found my s corp and state tax returns for 2014 for
I just found my s corp and state tax returns for 2014 for which I thought were mailed. there is no money due but what are the consequences on mailing now and what if I don't? … read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,277 satisfied customers
Can house maintenance and property taxes be deducted on form
Hello. Can house maintenance and property taxes be deducted on form 1041 for a house owned by decedent prior to the Executors selling it? … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
37 satisfied customers
Tax Experts Sale of second home was reported on 1099-S. Do
Tax Experts Sale of second home was reported on 1099-S. Do we report this sale as SCH D (part II - long term) income? If it is case, where do we report 1099-S amount which was reported to IRS. 4797 or… read more
Matthew Breecher
Matthew Breecher
President
MBA (Graduate Legal Studies)
286 satisfied customers
THE irs STATED THAT TE TAXCALULATED ON SCHEDULE D WAS
tHE irs STATED THAT TE TAXCALULATED ON SCHEDULE D WAS INCORRECT . i CAN NOT ACCERSS dD. p;EASE DVISE HOW I CAN ACEESS THE SCHEDULE … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
37 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x