Instructions for IRS Form 1099-S Proceeds From Real Estate Transactions

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.

Q: Who needs to file IRS Form 1099-S?
A: Any person or entity that participates in a real estate transaction as a broker, attorney, title company, or mortgage lender must file Form 1099-S.

Q: What information is required on IRS Form 1099-S?
A: Form 1099-S requires information such as the seller's name, address, and taxpayer identification number, as well as details about the transaction.

Q: When is IRS Form 1099-S due?
A: The deadline for filing IRS Form 1099-S is generally January 31st of the year following the calendar year of the transaction.

Q: Are there any penalties for not filing IRS Form 1099-S?
A: Yes, there can be penalties for not filing or for filing incorrect information on Form 1099-S. It is important to ensure accurate and timely filing.

Q: Can I e-file IRS Form 1099-S?
A: Yes, electronic filing (e-filing) of Form 1099-S is available and encouraged by the IRS.

Q: Do I need to send a copy of IRS Form 1099-S to the seller?
A: Yes, you must provide a copy of the completed Form 1099-S to the seller of the property.

Q: What should I do if I made a mistake on IRS Form 1099-S?
A: If you discover an error on Form 1099-S after filing, you should correct it as soon as possible by filing an amended return with the correct information.