1099-S question

Forum|Forum|3 years ago
May 3, 2023
3 replies
12 views

1099-S for sale of residence has an incorrect address for rural residence sold, off by one digit. The tax parcel number is correct. Is this going to create a problem if IRS matches up address? The residence was sold by elderly widower on the installment sale method, and there will be a gain after deducting his basis from the sale price, and the $250,000 exclusion. Thanks for any help.

ProSeries Professional

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Just-Lisa-Now-

Intuit Community Champion

They wont match up the address, theyre only looking at the money.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

IRonMaN

Level 15

Yup, as long as the correct sales amount shows up on the return you won't have any issues.

Slava Ukraini!

dascpa

Level 11

I agree no tax implications, but I'd have the client contact the Title company. It could be that the Deed and/or any other important legal document has an incorrect address also. Correcting titles down the road is a hassle, do it now.

BobKamman

Level 15

I'd contact the buyer and tell them to check with the escrow agent. It's more their problem, and they are probably more likely not to accept false assurances.

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