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#2
02-07-2005, 05:57 PM
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 Re: Do I pay capital gains if escrow company didn't file a 1099-S? This should have been reported as the sale of an interest in real estate, and yes, to the extent the amount you received exceeded your basis in that interest, you will have taxable capital gain. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#1
02-07-2005, 05:38 PM
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| Re: Do I pay capital gains if escrow company didn't file a 1099-S? "me_kim2000[at]yahoo.com" <me_kim2000[at]yahoo.com> wrote: - quote - > I did a partition action on a house I owned with a relative,
Yes. Taxation isn't dependent on whether you receive> but which I didn't live in. The relative settled by > refinancing and buying my half interest in the property. The > escrow company that handled the transaction did not file a > 1099-S, because they regarded the transaction as a refinance > to pay a settlement. The settlement took into account money > I put into the house, and injury I suffered on the property. > Do I have to pay capital gains tax? documentation. -- David M. Woods, EA, ChFC, CLU Woods Financial Services Norwood, MA 02062 www.woods-financial.com << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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02-07-2005, 04:41 PM
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| Re: Do I pay capital gains if escrow company didn't file a 1099-S? <me_kim2000[at]yahoo.com> wrote: - quote - > I did a partition action on a house I owned with a relative,
Yes. Report on Schedule D of the 1040.> but which I didn't live in. The relative settled by > refinancing and buying my half interest in the property. The > escrow company that handled the transaction did not file a > 1099-S, because they regarded the transaction as a refinance > to pay a settlement. The settlement took into account money > I put into the house, and injury I suffered on the property. > Do I have to pay capital gains tax? -- Phil Marti Clarksburg, MD << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
02-04-2005, 03:33 AM
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| Do I pay capital gains if escrow company didn't file a 1099-S? I did a partition action on a house I owned with a relative, but which I didn't live in. The relative settled by refinancing and buying my half interest in the property. The escrow company that handled the transaction did not file a 1099-S, because they regarded the transaction as a refinance to pay a settlement. The settlement took into account money I put into the house, and injury I suffered on the property. Do I have to pay capital gains tax? << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| 1099s, capital, company, escrow, file, gains, pay |
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