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January 29, 2025
Question

Do I need a corrected 1099-S if my name was on the property deed, but I did not earn any money on the sale?

  • January 29, 2025
  • 1 reply
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    1 reply

    DoninGA
    Employee
    January 29, 2025

    The Form 1099-S is for the property sale.  It has nothing to do with whether or not you profited from the sale.

    January 29, 2025

    Yes, I am aware.  Thank you for your reply.  However, the gross proceeds are reported on the 1099-S.  These proceeds are to be reported when taxes are filed.  Why is the same amount of proceeds listed on the seller's 1099-S and mine?  I did not gain any proceeds, only the seller did.  Should my 1099-S state $0?  

    DoninGA
    Employee
    January 29, 2025

    If you are the buyer of the property you do not receive a Form 1099-S.