Publication 544 |
2001 Tax Year |
Information Returns
If you sell or exchange certain assets, you should receive an
information return showing the proceeds of the sale. This information
is also provided to the Internal Revenue Service.
Form 1099-B.
If you sold stocks, bonds, commodities, etc., you should receive
Form 1099-B or an equivalent statement. Whether or not you
receive Form 1099-B, you must report all taxable sales of
stocks, bonds, commodities, etc., on Schedule D. For more information
on figuring gains and losses from these transactions, see chapter 4 in
Publication 550.
Form 1099-S.
An information return must be provided on certain real estate
transactions. Generally, the person responsible for closing the
transaction must report on Form 1099-S sales or exchanges of the
following types of property.
- Land (improved or unimproved), including air space.
- An inherently permanent structure, including any
residential, commercial, or industrial building.
- A condominium unit and its related fixtures and common
elements (including land).
- Stock in a cooperative housing corporation.
If you sold or exchanged any of the above types of property,
the reporting person must give you a copy of Form 1099-S or a
statement containing the same information as the Form 1099-S.
If you receive or will receive property or services in addition to
gross proceeds (cash or notes) in this transaction, the person
reporting it does not have to value that property or those services.
In that case, the gross proceeds reported on Form 1099-S will be
less than the sales price of the property you sold. Figure any gain or
loss according to the sales price, which is the total amount you
realized on the transaction.
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