Form 1099-S Instructions & Tax Reporting Pointers

What You Need to Know About Form 1099-S

The 1099-S is used to report the proceeds from the sale or exchange of real estate and certain royalty payments. This includes transactions that consist of sale or exchange for money, indebtedness, property, or services of any present or future ownership interest in:

  • Improved or unimproved land, including air space
  • Permanent structures, such as residential, commercial or industrial buildings
  • Stock in a cooperative housing corporation
  • Noncontingent interest in standing timber
  • A condominium unit and its fixtures and common elements, including land

Applicable businesses: Real estate brokers, banks, real estate agents, escrow companies, title companies, real estate lawyers and attorneys for property transactions.

When to file: 1099-S forms must be mailed to recipients by February 15, and e-filed with the IRS by March 31 each year.

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