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Common Questions About IRS 1099 S

Were you involved in a real-estate sale? Check your mailbox for the 1099 S!

You’ve almost made it through all of the 1099 forms! We are wrapping up PDFfller‘s review with a look at IRS Form 1099 S.

What is form IRS 1099-S?

Form IRS 1099 S, Proceeds from Real Estate Transactions, is to report the exchange or sale of real estate. You need to report transactions that involve, in whole or in part, the exchange or sale for money, property, indebtedness or services, of  inherently permanent structures that include commercial, residential, and industrial building, condo units, non-contingent interest, or stock in cooperative housing corporations.

What are the exemptions to IRS 1099-S?

The following list of transactions need not be reported on IRS 1099 S:
• An exchange and sale of a residence for $250,000 or less in case you receive an acceptable written assurance from the seller that the residence is their primary residence. The profit is excluded from the gross income under the section 121.
• Any transaction wherein the transferor is a corporation, a government unit or an international organization.
• Any transaction that isn’t an exchange or sale, including a gift, a bequest, or financing that isn’t related to the acquiring of the real estate.

What other forms are needed when you file IRS 1099-S form?

The 1099 S Form must be filed along with IRS Form 1096.

 When is IRS 1099-S due?

You should receive the certificate by the end of January after the year of sale. Note: it is important to keep the certificate for 4 years after the sale year!

What information do you need in order to complete this form?

There are 3 copies of the form. In the form, you need to provide the tax payer’s information, the recipient’s identification number and other basic information including the date of closing and the gross proceeds from the sale.  Fill the numbered boxes after reading the instruction carefully.  For more on how to fill out the IRS 1099 S, check out the IRS instructions here.

So never fear, the end of the 1099 review is here! Check out our upcoming posts on other IRS tax forms you’ll need for your business return and get busy filling with PDFfiller!