- Joined
- Apr 5, 2015
- Messages
- 7
- Reaction score
- 0
- Country
Hello everybody,
I recently hit the following obstacle. I did a return with a business property sale in installments. The client received a form 1099 S in the year of the contract with the whole amount. I prepared the return as an installment sale with payment of the whole amount and installment of a five year period. The end of the contract period was not reached but the new owner had a loan, paid off the whole amount owed in full and closed the deal. And a new 1099 S was issued with the same amount as the one from the original contract. Now I have two 1099 S one in the beginning and one in the end, but the client did not receive the monies twice. What to do if the title company issued two forms for the same deal and this is reported to the IRS?
I recently hit the following obstacle. I did a return with a business property sale in installments. The client received a form 1099 S in the year of the contract with the whole amount. I prepared the return as an installment sale with payment of the whole amount and installment of a five year period. The end of the contract period was not reached but the new owner had a loan, paid off the whole amount owed in full and closed the deal. And a new 1099 S was issued with the same amount as the one from the original contract. Now I have two 1099 S one in the beginning and one in the end, but the client did not receive the monies twice. What to do if the title company issued two forms for the same deal and this is reported to the IRS?