No, corporations (S Corps and C Corps) are exempted from requiring a 1099-MISC, therefore, you do not normally have to send this form to any corporations including an S Corporation.

You are not required to send a 1099-MISC form to a corporation. This rule includes both C corporations and S corporations. You should also issue 1099-MISC forms for: Lawyer fees, even if the attorney is incorporated.

Most corporations don’t get 1099-MISCs This includes S-Corporations and C-Corporations — they also don’t receive 1099 1099-MISCs. 1099-MISCs should be sent to single-member limited liability company (or LLCs) or a one-person Ltd. But not an LLC that’s treated as an S-Corporation or C-Corporation.

Business structures besides corporations — general partnerships, limited partnerships, limited liability companies and sole proprietorships — require Form 1099 issuance and reporting but only for amounts exceeding $600; anyone else is 1099 exempt.

The IRS provides an exemption from the Form 1099-S reporting requirement for the sale of your principal residence if you are married and your gain from the sale is $500,000 or less. If you are unmarried, gains of $250,000 or less are exempt.

The Tax Reform Act of 1986 required anyone responsible for closing a real estate transaction, which may include the escrow agent, title company, or attorney, to report a real estate sale or exchange to the IRS on Form 1099-S. The gross proceeds of the sale need not be reported to the IRS if these conditions are met.

The Internal Revenue Service requires owners of real estate to report their capital gains. In some cases when you sell real estate for a capital gain, you’ll receive IRS Form 1099-S. This form itself is sent to property sellers by real estate settlement agents, brokers or lenders involved in real estate transactions.

Generally, you are required to report a transaction that consists in whole or in part of the sale or exchange for money, indebtedness, property, or services of any present or future ownership interest in any of the following. Improved or unimproved land, including air space.

The 1099 form is used to report non-employment income to the Internal Revenue Service (IRS). Businesses are required to issue a 1099 form to a payee who has received at least $600 or more during the tax year.

In short, if you don’t file a 1099, you’re almost guaranteed to get a tax or an IRS audit notice. It is your responsibility to pay for the taxes you owe even if you don’t receive a 1099 form from your employer or payer (the deadline for them to mail out 1099s to contractors is January 31st).

If the 1099-S was for the sale of business or rental property, then this is reportable on IRS Form 4797 and Schedule D: From within your TaxAct return (Online or Desktop) click on the Federal tab.

Generally, the person responsible for closing the transaction, as explained in (1) below, is required to file Form 1099-S. If no one is responsible for closing the transaction, the person required to file Form 1099-S is explained in (2), later.

Form 1099 S is entered in the Less Common Income section of Turbo Tax (online or desktop).

1. Select Federal Taxes.
2. Select Wages and Income.
3. Scroll down and select Show More at Less Common Income.
4. Select Start at Sale of Home.
5. The program will prompt you on how to handle if this home or property was not your primary residence.