All of the following are true regarding the 1099 series forms except: A. Most forms in...
All of the following are true regarding the 1099 series forms except: A. Most forms in the 1099 series are not filed with the return B. Most forms in the 1099 series should be furnished to the taxpayer by January 31 C. Any individual who makes reportable transactions, such as paying dividends during the calendar year must file 1099 series forms to report those transactions to the IRS D. Estates and trusts that make reportable transactions during the calendar year are not required to file 1099 series forms
Homework Answers
Ans - (D) Estates and trusts that make reportable transaction during the calendar year are not required to file 1099 series firms.
Trusts have to file form 1099 s to report transaction to IRS as these are legal entities who manages property and distribute their income to beneficiaries.And for sale proceeds from real estate transaction should be reported under form 1099 s minimum reported transaction of $600.
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All of the following are true regarding the 1099 series forms
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18-20 True or false
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