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T
Tax Explorer
Level 5
June 18, 2024
Question

1099-S Issued for Calendar Year when Corporation is on a Fiscal-Year Period

  • June 18, 2024
  • 1 reply
  • 13 views

Hi,

I have a corporation that will file a 2023 1120 tax return for the fiscal-period from 04/23-03/24. The corporation sold a rental property it owned on 01/24. Should the corporation report the sale on its 2023 tax return or 2024 tax return (when the 2024 1099-S would be issued)?

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1 reply

sjrcpa
sjrcpa
Level 15
June 18, 2024

A January 2024 sale is reported on the 4/1/2023 - 3/31/2024 tax return.

All 1099s are issued on a calendar year basis.

The more I know the more I don’t know.
    T
    Tax ExplorerAuthor
    Level 5
    June 18, 2024

    Yes, I agree as that approach would make the most sense. If a 1099-S was issued for the Calendar Year 2024, would you know if that would cause any issues when filing the 2024 fiscal-year tax return (for the period 04/01/2024 - 03/31/2023 tax return) next year?

    sjrcpa
    sjrcpa
    Level 15
    June 18, 2024

    It shouldn't. Easily explained if it does. Also, 1099-S has a place for date of sale which is usually filled in.

    The more I know the more I don’t know.
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