When Do You Not Need a 1099 Tax Form?
You may not always receive a 1099-S form. When selling your home, you may have signed a form certifying you will not have a taxable gain on the sale.
What’s the purpose of the IRS Form 1099?
Form 1099 is used to report non-employment income to the IRS. There are up to 20 different types of 1099 forms. 1099-S one of those types, and it’s used for reporting capital gains on real estate transactions.
