Final answer:
Yes, the sale of land that includes a permanent structure may require notification of the Internal Revenue Service (IRS) through Form 1099-S.
Step-by-step explanation:
Yes, the sale of land that includes a permanent structure may require notification of the Internal Revenue Service (IRS) through Form 1099-S.
Form 1099-S is used to report the sale or exchange of real estate properties. If the sale of land includes a permanent structure and meets certain criteria, then it is considered a reportable transaction and the seller is required to file Form 1099-S with the IRS.
The form includes information such as the seller's name and taxpayer identification number, the buyer's name and address, and the gross proceeds from the sale.
It is important to consult with a tax professional or refer to the IRS guidelines to determine the specific requirements for reporting the sale of land with a permanent structure.