Learn More About 1099-S
WHAT is a 1099-S?
Form 1099-S is used to report gross proceeds from the sale or exchange of real estate and certain royalty payments. A 1099-S form must be provided to the recipient and a copy mailed or e-filed to the IRS.
WHY do I file 1099-S?
The IRS requires that all income is reported by businesses and individuals or penalties could apply.
WHO needs to file 1099-S?
Organizations involved in the sale or exchange or real estate for money, indebtedness, property or services must use Form 1099-S. See the official IRS instructions.
WHEN do I file 1099-S?
1099-S forms are required to be mailed to the recipient by Jan. 31, and e-filed with the IRS by Mar. 31, or a paper copy mailed to the IRS by Feb. 28 each year.
1099-S Reporting Information
|What to Report||Amount to Report|
|Gross proceeds from the sale or exchange of real estate.||Generally $500 or more|
|Certain royalty payments.||Generally $500 or more|