Did you like how we did? Rate your experience!

Rated 4.5 out of 5 stars by our customers 561

Award-winning PDF software

review-platform review-platform review-platform review-platform review-platform

The 1099 Form is used to report on Real Estate transactions, including a sale or exchange, to the Internal Revenue Service. The types of reportable real estate include the following:

  1. Land or airspace.
  2. Residential or industrial buildings.
  3. Condominium units.
  4. Stock in a cooperative housing corporation.
  5. Interest in standing timber.

How Does the 1099-S Affect My Taxes?

Profit made of selling a house is considered a taxable gain by the IRS. However, if you are married and select to file a joint return with a spouse, the IRS allows you to exclude up to $500,000 from your taxable income.

Who Must File the1099-S?

The template must be completed and submitted by the person responsible for closing a transaction, like a settlement agent or title agent. If there is no one responsible for closing a transaction the blank can be submitted by either a transferee’s attorney, transferor’s attorney, or an escrow company. In unique cases, if all the professionals listed-above fail to submit the document, you can refer to a mortgage lender, transferor’s broker, transferee’s broker, or designate a responsible person with a Designation Agreement.

When Should Form 1099-S Be Filed?

The blank should be submitted to the IRS by February 15 if mailed and by April 2, if filed electronically.

If you believe that this page should be taken down, please follow our DMCA take down process here.