Form name:
Proceeds from Real Estate Transactions
IRC Section:
60459e0, 6050N
Link to form:
https://www.irs.gov/pub/irs-pdf/f1099s.pdf
Purpose of form:
Payors generally are required to report on Form 1099-S any transaction that consists in whole or in part of the sale or exchange for money, indebtedness, property, or services of any present or future ownership interest in any of the following.
- Improved or unimproved land, including air space.
- Inherently permanent structures, including any residential, commercial, or industrial building.
- A condominium unit and its appurtenant fixtures and common elements, including land.
- Stock in a cooperative housing corporation (as defined in section 216).
- Any non-contingent interest in standing timber.
Information reported on form:
- The name, address, taxpayer identification number and phone number of the filer,
- The name, address, and taxpayer identification number of transferor,
- Account number,
- Date of closing,
- Gross proceeds,
- Address or legal description of property,
- Checkbox if transferor received or will receive property or services as part of the consideration,
- Checkbox if transferor is a non-U.S. person (nonresident alien, non-U.S. partnership, non-U.S. estate, or non-U.S. trust),
- Buyer’s part of real estate tax,
Please see Form 1099-S for all other information required to be reported.
Reporting threshold:
Generally, $600 or more.
Due date to recipient:
February 15.
Due date to IRS (paper filing):
February 28.
Due date to IRS (Electronic Filing):
March 31.