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Old 03-01-2011, 02:48 PM
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Form 1099-S info

Where or what Line on your tax papers do you enter information from form on a 1099-s (proceed from real estate) .

Thanks,
Lib



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Old 03-02-2011, 07:27 AM
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“Where or what Line on your tax papers do you enter information from form on a 1099-s (proceed from real estate”----> The 1099-S form documents the sale of your property. It lists the selling price, but not the actual income (if any) that you must report. If you have a capital gain on the sale, then you report the gain on Form 1040 Schedule D; however, do not report the sale of your primary residence on your tax return unless homeowners have a primary residence capital gains and at least part of it is taxable. Report any taxable primary residence capital gains on Schedule D (Form 1040). if you owned your home for one year or less, the gain is reported as a short-term capital gain. If your owned your home for more than one year, the gain is reported as a long-term capital gain. Your capital gain is the difference between what you received for the sale and your cost basis for that portion of land. However, if this piece of property was a part of your principal residence, you may be eligible to exclude any capital gain up to $500K; for reference, individuals can exclude up to $250,000 in profit from the sale of a main home (or $500,000 for a married couple) as long as you have owned the home and lived in the home for a minimum of two years. Those two years do not need to be consecutive.



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