Who Needs Form 1099-S?
Form 1099-S is officially called Proceeds from Real Estate Transactions. It is filled out by the person responsible for closing real estate transactions. Generally the form is issued by the title or lending company. If there is no person who has closed the deal, 1099-S is filled out by the person who gets the greatest interest in the property. A seller to whom Form 1099-S is issued must report real estate transaction on their income tax return.
What is Form 1099-S for?
The sale of the house or other real estate is always connected with some tax implications. The IRS Form 1099-S is used to make sure that seller of the real estate reports the full amount of benefits they get from property sale or transfer.
Is Form 1099-S Accompanied by Other Forms?
When reporting the home sale also fill out Form 1040 Schedule D and Form 8949.
When is Form 1099-S due?
IRS Form must be sent to the recipient by the 31st of January and filed with the IRS by the 31st of March.
How Do I Fill out Form 1099-S?
IRS Form 1099-S consists of six pages including instructions. Copy A of the form must not be completed. It is used for information purposes only. Copy B can be downloaded and printed to be filled out with the required information. It includes filer’s name, address, transferor’s name and address as well as date of closing, gross proceeds, etc.
Where Do I Send Form 1099-S?
Your completed 1099-S is filed with the IRS.
