How to Fill Out IRS Form 1099-S
IRS Form 1099-S, entitled "Proceeds From Real Estate Transactions," is sent to persons who have sold or exchanged most kinds of real estate; the closing attorney or other authorized official must send Form 1099-S to the person who received the proceeds from the transaction. The person receiving this form doesn't need to fill it out.
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Instructions
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Call (800) TAX-FORM or visit the IRS online form ordering website to obtain acceptable copies of Form 1099-S to send to recipients. Although Form 1099-S is available for viewing online, the e-version of the form is unacceptable to send to taxpayers or the Internal Revenue Service.
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Check the "Void" or "Corrected" box at the top of the 1099 form if applicable. Enter the Filer's name, street address, city, state, ZIP code and telephone number in the first box.
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Enter the Filer's Federal identification number and the Transferor's identification number (usually a Social Security number or an EIN) in the two boxes beneath the first box. Below this, list the Transferor's name, street address (including apartment number), city, state and ZIP code. If applicable, enter the account or escrow number that is associated with this transaction.
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4
Note the date of the closing in Box 1. In Box 2, indicate the gross proceeds from the transaction (usually the selling price). List the property's legal description and/or street address in Box 3.
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Check Box 4 if the Transferor received property or services other than cash or notes for the property. List the Buyer's portion of the real estate tax in Box 5; depending on the time of year the property was sold/transferred, the seller may or may not have paid the real estate taxes on the property.
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File Form 1099-S with the IRS; also send a copy to the recipient. Check the IRS official website for specific instructions as to the filing deadline for Form 1099-S; it changes annually.
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