Skip to content
GeoDataVision
Thread Options
#1624436 - 11/04/11 01:50 PM 1099s and sale of property. What amount?
Live 2 Comply Offline
Gold Star
Live 2 Comply
Joined: Sep 2009
Posts: 328
Okay this is a family estate situation. One family member is buying farmland from the others for 200K. However, they are only going to pay 120K until they sell other property and will then supply 80K. Should the 1099 we complete state 200K or 120K? This may be a simple question but it has really tripped me up.

Return to Top
Lending Compliance
#1624450 - 11/04/11 02:03 PM Re: 1099s and sale of property. What amount? Live 2 Comply
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 46,858
Bloomington, IN
Box 2. Gross Proceeds

Enter the gross proceeds from the sale or exchange of real estate. Gross proceeds means any cash received or to be received for the real property by or on behalf of the transferor, including the stated principal amount of a note payable to or for the benefit of the transferor and including a note or mortgage paid off at settlement. If the transferee assumes a liability of the transferor or takes the property subject to a liability, such liability is treated as cash and is includible as part of gross proceeds. For a contingent payment transaction, include the maximum determinable proceeds. Also see Multiple Assets Sold on page 3.


I would go with the $200K.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

Return to Top

Moderator:  Andy_Z