IRS 1099-S Substitute Form free printable template

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SUBSTITUTE FORM 1099-S PROCEEDS FROM REAL ESTATE TRANSACTIONS FOR THE TAX YEAR 20 OMB No. 1545-0997 SETTLEMENT AGENT/FILER S NAME AND ADDRESS Filer s Federal Tax ID Number FILE NUMBER SELLER/TRANSFEROR S NAME AND ADDRESS Transferor s Federal Tax ID Number 1 Date of Closing 2 Gross Proceeds 4 X here if property or services received 5 Buyer s part of real estate tax 3 Address or Legal Description THIS IS IMPORTANT TAX INFORMATION AND IS BEING FURNISHED TO THE INTERNAL REVENUE SERVICE. IF YOU...

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How to fill out substitute form 1099 s

How to fill out IRS 1099-S Substitute Form

01

Obtain a copy of the IRS 1099-S Substitute Form from the IRS website or your tax professional.

02

Fill in the payer's information, including name, address, and taxpayer identification number (TIN).

03

Provide the recipient's information, including name, address, and TIN.

04

Enter the details of the transaction, including the date of the sale, the gross proceeds, and any amounts that pertain to real estate.

05

Check the relevant boxes to indicate the nature of the transaction and whether it is subject to backup withholding.

06

Sign and date the form to verify that the information provided is accurate.

07

Submit the completed form to the IRS as specified, along with any required attachments.

Who needs IRS 1099-S Substitute Form?

01

Anyone who has completed a real estate transaction that requires reporting gross proceeds to the IRS.

02

Individuals or entities who have received payments in the sale of real property.

03

Real estate professionals dealing with property sales on behalf of clients.

Who Files Substitute Form 1099-S?
What is Substitute Form 1099-S for?
When is Substitute Form 1099-S Due?

Who Files Substitute Form 1099-S?

Substitute Form 1099-S is called the Proceeds From Real Estate Transactions. If you are responsible for the transaction closure, you must file this form. However, there is the possibility to designate the individual required to complete it in a written agreement.

What is Substitute Form 1099-S for?

This form is designed for reporting a transaction that may consist of the complete or partial sale or money exchange, property, indebtedness, services of the future or present interest of the ownership. It may refer to the airspace, industrial, commercial, residential buildings, condominium units, etc.

When is Substitute Form 1099-S Due?

If you file this form for the 2017 tax year, Copy A of it must be submitted by February 28th, 2018. When filing it electronically, the due date is April 2d, 2018. Copy B of this form must be completed and sent by February 15th, 2018. However, you may claim the time extension for Substitute Form 1099-S.

Is Substitute Form 1099-S Accompanied by Other Forms?

Form 1096 may be required. It is the Annual Summary and Transmittal of U.S. Information Returns. Check Form 1040 Schedule D, Form 4797, 6252, 8828 and Publication 523.

What Information do I Include in Substitute Form 1099-S?

You must enter the following details in Substitute Form 1099-S:

Name and address of the settlement agent;
Name and address of the transferor;
Federal tax ID number of the filer;
Transferor’s federal tax ID number;
Date of the transaction closure;
Gross proceeds;
Purchaser’s part of the real estate tax;
Legal description;

The form contains the instructions for the transferor. It is necessary to date and sign the document after its completion.

Where do I Send Substitute Form 1099-S?

The Internal Revenue Service will process your completed form within the established time frame.

Instructions and Help about substitute form 1099 s

Hi guys this is Erica from Roku capital now before I begin be sure to subscribe to our YouTube channel and turn on notifications about a year into our business I had a panic moment I had just read an article about an important IRS form and realized that we had never submitted one on any of the closings we had completed in-house on the nearly 50 properties we had sold to this point what was I supposed to do now was the IRS about to come after me well I'll let you know what happened at the end of this video but as you may have guessed the form I had missed was the IRS 1099-s yes this is not the most exciting topic for a video but keep watching since this little form is a very important part of real estate closings and here are the top things you need to know number one the IRS form 1099-s is a tax document that is generally filed as part of the closing process it ensures that the full amount of capital gains received in a real estate sale is accurately reported to the IRS number two the closing agent...

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What is IRS 1099-S Substitute Form?

The IRS 1099-S Substitute Form is a document used to report the sale or exchange of real estate, which provides the IRS and the seller with information about the proceeds from the transaction.

Who is required to file IRS 1099-S Substitute Form?

Individuals or entities that have engaged in a real estate transaction, such as sellers, brokers, or closing agents, are required to file the IRS 1099-S Substitute Form.

How to fill out IRS 1099-S Substitute Form?

To fill out the IRS 1099-S Substitute Form, you need to provide details such as the seller's information, the buyer's information, the property address, the sale date, and the gross proceeds of the sale.

What is the purpose of IRS 1099-S Substitute Form?

The purpose of the IRS 1099-S Substitute Form is to ensure proper reporting of transactions involving real estate sales to ensure compliance with tax regulations and to help the IRS track and verify income.

What information must be reported on IRS 1099-S Substitute Form?

The information that must be reported includes the seller's and buyer's names, addresses, taxpayer identification numbers, the description of the property, the date of sale, and the gross proceeds from the sale.

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