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Dedication deed
January 10, 2024
Q. Would a dedication deed be considered a purchase of land? Which 1099 form should be used?
A.
(Answered by IOFM's third-party tax experts)
The IRS Instructions for Form 1099-S specify that "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 land, structures, etc. If your City gave "money, indebtedness, property, or services" valued at more than…
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