How do I report Form 1099-B (Proceeds from real estate transactions) in personal income tax return?

A2A.Proceeds from real estate transactions are typically reported on Form 1099-S. Form 1099-B is typically used to report sales made by a broker, normally stock sales. I'm not sure why you would be getting a 1099-B for a real estate transaction, so I assume you meant 1099-S. How you report it depends on the type of property you sold.If you sold a personal-use property, you use Part II of IRS Form 8949, Sales and Other Dispositions of Capital Assets to compute the gain or loss. If this is your personal home and you qualify for the capital gains exclusion, you incorporate that on Form 8949. You then carry the information to Schedule D (Form 1040), Capital Gains and Losses. You cannot deduct a loss on the sale of a personal-use property.If you sold a property other than a personal-use property, you use IRS Form 4797, Sales of Business Property to report the sale. If you did not use the property in a trade or business but were holding it for investment, the portion of the gain that represents recapture of depreciation is reported as ordinary income, and any remaining gain is carried to Form 8949 and Schedule D and reported as capital gain. If you used the property in a trade or business, you still report depreciation recapture as ordinary income, and any remaining gain from the sale is treated as section 1231 gain. See IRS Publication 544 (2015), Sales and Other Dispositions of Assets for a full description of how to treat section 1231 gain.

Why doesn’t a 1099-S need to be issued to corporations? How does the corporation report the proceeds of the real estate transaction and what check exists to ensure that the corporation actually reports such proceeds?

Due to the high level of administrative reporting for corporations, the IRS exempts corporations from needing to receive a Form 1099-MISC at the close of escrow. It is the responsibility of the corporation to disclose all their sells and purchases when they are filing their taxes with their CPA. There is really no cross reference and it would be really hard for the IRS to track down every sale that is done unless they did an audit of the corporation.

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Hey guys Merck back with another quick video I just want to do a quick one today taxes since it is tax season or in the beginning of February last year was the first year I ever flipped the house basically bought a house a tax auction got a very cheap not many other people were interested in it, and I was going to fix it up and do a write-off thing with a friend of mine, and it was a huge house it was a lot of work, and we decided just to go ahead and flip it um, so this year was the first year you know right away I tell my friend the house went cheap it was like eighty-five hundred it sold for he's like oh anything under 10 grand don't worry about it that's not true anything over six hundred dollars you're going to have to report to the IRS now if you close yourself you'll have to do it yourself it's a 1099s but if you have a closing agent they should provide that for you, I think you're supposed to have it by the first week of February of that upcoming year for the taxes so like I so

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How do I report Form 1099-B (Proceeds from real estate transactions) in personal income tax return?
A2A.Proceeds from real estate transactions are typically reported on Form 1099-S. Form 1099-B is typically used to report sales made by a broker, normally stock sales. I'm not sure why you would be getting a 1099-B for a real estate transaction, so I assume you meant 1099-S. How you report it depends on the type of property you sold.If you sold a personal-use property, you use Part II of IRS Form 8949, Sales and Other Dispositions of Capital Assets to compute the gain or loss. If this is your personal home and you qualify for the capital gains exclusion, you incorporate that on Form 8949. You then carry the information to Schedule D (Form 1040), Capital Gains and Losses. You cannot deduct a loss on the sale of a personal-use property.If you sold a property other than a personal-use property, you use IRS Form 4797, Sales of Business Property to report the sale. If you did not use the property in a trade or business but were holding it for investment, the portion of the gain that represents recapture of depreciation is reported as ordinary income, and any remaining gain is carried to Form 8949 and Schedule D and reported as capital gain. If you used the property in a trade or business, you still report depreciation recapture as ordinary income, and any remaining gain from the sale is treated as section 1231 gain. See IRS Publication 544 (2015), Sales and Other Dispositions of Assets for a full description of how to treat section 1231 gain.
Why doesn’t a 1099-S need to be issued to corporations? How does the corporation report the proceeds of the real estate transaction and what check exists to ensure that the corporation actually reports such proceeds?
Due to the high level of administrative reporting for corporations, the IRS exempts corporations from needing to receive a Form 1099-MISC at the close of escrow. It is the responsibility of the corporation to disclose all their sells and purchases when they are filing their taxes with their CPA. There is really no cross reference and it would be really hard for the IRS to track down every sale that is done unless they did an audit of the corporation.

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How to create an eSignature for the proceeds from real estate transactions form 1099 s

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