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S
sota
Level 1
March 19, 2020
Question

Where should I enter section 6(Buyer's part of real estate tax) on 1099-S?

  • March 19, 2020
  • 2 replies
  • 18 views
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2 replies

George4Tacks
George4Tacks
Level 15
March 19, 2020

Enter it on the buyers tax return as real estate tax related to the property purchased.

 

Answers are easy. Questions are hard!
    BobKamman
    BobKamman
    Level 15
    March 19, 2020

    Box 6. Shows certain real estate tax on a residence charged to the buyer at settlement. If you have already paid the real estate tax for the period that includes the sale date, subtract the amount in box 6 from the amount already paid to determine your deductible real estate tax. But if you have already deducted the real estate tax in a prior year, generally report this amount as income on the “Other income” line of Schedule 1 (Form 1040 or 1040-SR). For more information, see Pub. 523, Pub. 525, and Pub. 530.

      George4Tacks
      George4Tacks
      Level 15
      March 19, 2020
      What???? Are we expected to read the instructions???
      Answers are easy. Questions are hard!
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