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My sister received a 1099F from the title company for a

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My sister received a...

My sister received a 1099F from the title company for a house she sold in Florida for $75k. She owned the house for 7 years

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Must she claim

Submitted: 7 months ago.Category: Tax
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9/28/2017
Tax Professional: Tax.appeal.168, Tax Accountant replied 7 months ago
Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
Satisfied Customers: 4,637
Experience: 3+ decades of varied tax industry exp. Tax Biz owner
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Hello. I answered your first question.

I think you mean Form 1099-S. Does the form look like the one at the following link?

https://www.irs.gov/pub/irs-pdf/f1099s.pdf

Yes, she will need to report the sale of the property on the Schedule D and Form 8949 to be included with the form 1040. The 1099-S shows the proceeds from real estate transactions. To put it in the simplest of terms, the purpose of IRS Form 1099-S is to ensure that sellers are reporting their full amount of capital gains on each year's tax return (and thus, paying the appropriate amount of taxes to the IRS).

If you do not require further assistance with this matter, I ask that you scroll to the top of the page and select 3 or more stars to positively rate my response so that I can receive credit for assisting you. Thank you in advance.

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Tax Professional: Barbara, Enrolled Agent replied 7 months ago
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 5,992
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Different expert here - my name is ***** ***** I have a different answer.

If your sister received a 1099-S from the title company, she must report the sale on her tax return. However, she will pay capital gains tax on the DIFFERENCE between what she paid and what she sold the house for NOT the $75,000 shown on Form 1099-S.

For example, if she paid $50,000 for the house and sold it for $75,000, she would pay capital gains tax on $25,000.

Also, if the house was her primary residence for 2 of the 5 years immediately preceding the sale, the IRS allows a sale of home exclusion for capital gains up to $250,000 for single filers and up to $500,000 for married filing jointly filers.

Please let me know if I can assist you further.

Thank you and best regards,

Barb

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Barbara
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