DEADLINE REMINDER
Next Deadline:	April 2, 2012
Forms:	W-2, 1099

FAQ About 1099-S

What is a 1099-S and who needs to file this form?

Form 1099-S is used to report gross proceeds from the sale and exchange of real estate and certain royalty payments.
Generally, Form 1099-S must be filed by the person responsible for closing the real estate transaction. If no one is responsible for closing the transaction following the detailed instructions provided by the Internal Revenue Service, the person responsible for filing is, in the following order: a) the mortgage lender, b) the transferor’s broker, c) the transferee’s broker, or d) the transferee.

Transactions that are required to be reported consist in whole or in part of the sale or exchange for money, indebtedness, property, or services of any present or future ownership interest in any of the following:

Improved or unimproved land, including air space
Inherently permanent structures, including any residential, commercial, or industrial building
A condominium unit and its accompanying fixtures and common elements, including land
Stock in a cooperative housing corporation

What is the process for filing a 1099-S?

Complete the information on Form 1099-S following the detailed instructions provided by the Internal Revenue Service. Create and distribute the following copies:

Copy A – submit to the Internal Revenue Service (on paper or via electronic filing)
Copy B – submit to the transferor
Copy C – retain for the filer’s records

Back to 1099-S Requirements

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