Printable Form 1099 S for 2021
Form 1099-S is used to report cancellation of debt income. This form is filed by the party to whom the debt was canceled. The party cancelling the debt is required to file a form 1099-S to the IRS for any debt that is canceled which is in excess of $600. The IRS does not collect any tax on this type of income. However, the debtor may have a tax liability for this income on their individual income tax return.
- What is the 1099-S Form?
A 1099-S Form is a type of IRS Form 1099 that is used to report proceeds from the sale of real estate. - Why do I need to fill out a 1099-S Form?
You need to fill out a form if you are a real estate investor who owns a rental property that was sold for over $250,000. You are then required to file a 1099-S form with the IRS.
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