1099-S Issued for Calendar Year when Corporation is on a Fiscal-Year Period

[jeffreyeng]

Hi,

I have a corporation that will file a 2023 1120 tax return for the fiscal-period from 04/23-03/24. The corporation sold a rental property it owned on 01/24. Should the corporation report the sale on its 2023 tax return or 2024 tax return (when the 2024 1099-S would be issued)?

[sjrcpa]

A January 2024 sale is reported on the 4/1/2023 - 3/31/2024 tax return.

All 1099s are issued on a calendar year basis.

[jeffreyeng]

Yes, I agree as that approach would make the most sense. If a 1099-S was issued for the Calendar Year 2024, would you know if that would cause any issues when filing the 2024 fiscal-year tax return (for the period 04/01/2024 - 03/31/2023 tax return) next year?

[sjrcpa]

It shouldn't. Easily explained if it does. Also, 1099-S has a place for date of sale which is usually filled in.

[sjrcpa]

FYI - 1099-S is usually part of the closing documents. Client probably has it even if they don't know it.