The 1099-S Form At a Glance

What is the 1099-S form?

1099-S forms report profits acquired from selling or exchanging real estate and some royalty payments.

When should a 1099-S form be filed?

Recipients must receive 1099-S forms via mail, on or before the last day of January, and e-filed with the IRS by March 31, annually.

Who should file a 1099-S form?

Real estate brokers and professionals dealing with property transactions are required to file a 1099-S form.

Where Should 1099-S forms be Filed?

1099-S forms must be filed to the IRS.

Why is it Important to File 1099-S Forms?

1099-S forms are required to make known the proceeds acquired through the sale or exchange of real estate and some royalty payments.

In General:

 

Sale or Exchange for Money

Indebtedness

Property or services with ownership interest at present or in the future, including:

Land (whether upgraded or not), including air space
Permanent structures (e.g. residential, commercial, industrial buildings)

 

Cooperative housing corporation stock
Non Contingent interest in standing timber

1099-S Forms are Applicable for the Following Businesses:

Real Astate Brokers and Agents

Banks

Escrow Companies

Title Companies

Real Estate Lawyers

Property Transaction Attorneys

BE PROMPT IN REPORTING PROCEEDS FROM REAL ESTATE TRANSACTIONS.

File your 1099-S form with e-Filing Plus now!