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Instructions for IRS Form 1099-LS Reportable Life Insurance Sale
This document contains official instructions for IRS Form 1099-LS , Reportable Life Insurance Sale - a tax form released and collected by the Internal Revenue Service (IRS), a subdivision of the U.S. Department of the Treasury. An up-to-date fillable IRS Form 1099-LS is available for download through this link.
FAQ
Q: What is IRS Form 1099-LS?
A: IRS Form 1099-LS is a form used to report the sale of a life insurance policy.
Q: Who needs to file IRS Form 1099-LS?
A: The person or organization that acquires a life insurance policy through a reportable sale needs to file IRS Form 1099-LS.
Q: What is a reportable sale?
A: A reportable sale is a sale or transfer of a life insurance policy to a third party.
Q: What information is required on IRS Form 1099-LS?
A: IRS Form 1099-LS requires information about the buyer and seller of the life insurance policy, as well as details about the policy itself.
Q: When is the deadline to file IRS Form 1099-LS?
A: The deadline to file IRS Form 1099-LS is usually January 31st of the year following the sale.
Q: Are there any penalties for not filing IRS Form 1099-LS?
A: Yes, there can be penalties for not filing IRS Form 1099-LS, so it is important to comply with the reporting requirements.
Instruction Details:
- This 2-page document is available for download in PDF;
- Actual and applicable for filing 2023 taxes;
- Complete, printable, and free.
Download your copy of the instructions by clicking the link below or browse hundreds of other forms in our library of IRS-released tax documents.
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