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How to do 1099's?

I received a 1099S form How much taxes will I owe on 4996.?

  • I am looking for the percetage of tax you pay on a 1099S form

  • Answer:

    it is not taxed separately from your other income whatever tax rate your income falls in the $4996 will b taxed the same

Malcolm at Yahoo! Answers Visit the source

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You get taxed on your total income which includes 1099 income. 1099 income is not taxed separately. No one can answer without knowing your filing status and your deductions.

Howard L

That's sale of real estate. You pay tax on gain, or deduct a loss, depending on what your adjusted basis is. If you're looking for a percentage of tax to pay on a 1099-S amount, no offense but you're not even in the ballpark of knowing the first thing about how that income is taxed. Get professional assistance. You'll probably save a lot more in having this transaction reported correctly than the fee.

mrreliable3599

No way to say without knowing your overall tax picture. It's generally taxed as a capital gain, so 0 or 15%.

Judy

Depends on you income.

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