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Instructions for IRS Form 1099-S
for the current year.
Instructions for IRS Form 1099-S Proceeds From Real Estate Transactions
This document contains official instructions for IRS Form 1099-S , Proceeds From Real Estate Transactions - a tax form released and collected by the Internal Revenue Service (IRS), a subdivision of the U.S. Department of the Treasury. An up-to-date fillable IRS Form 1099-S is available for download through this link.
FAQ
Q: What is IRS Form 1099-S?
A: IRS Form 1099-S is used to report proceeds from real estate transactions, including the sale or exchange of real estate property.
Q: Who needs to file IRS Form 1099-S?
A: Any person or organization that receives gross proceeds from the sale or exchange of real estate property needs to file IRS Form 1099-S.
Q: When is IRS Form 1099-S due?
A: IRS Form 1099-S must be filed with the IRS by February 28th, or by March 31st if filed electronically.
Q: What information is required on IRS Form 1099-S?
A: IRS Form 1099-S requires information such as the seller's name, address, taxpayer identification number, the gross proceeds, and more.
Q: Do I need to send a copy of IRS Form 1099-S to the seller?
A: Yes, you are required to send a copy of IRS Form 1099-S to the seller by January 31st of the year following the transaction.
Q: What is the penalty for not filing IRS Form 1099-S?
A: Failing to file IRS Form 1099-S or filing incorrect information may result in penalties ranging from $50 to $550 per form, depending on the length of the delay and if it was intentional.
Instruction Details:
- This 4-page document is available for download in PDF;
- Not applicable for the current tax year. Choose a more recent version to file this year's taxes;
- Complete, printable, and free.
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