Form 1099-S
What is Form 1099-S?
Form 1099-S is used to report closed sale or exchange of real estate and certain royalty payments during a particular tax year. Some real estate transactions can include a sale of land, sale or exchange for money, indebtedness, commercial and industrial buildings, as well as residential properties, such as a home or condominium. The filer can consult a tax professional since the proceeds realized from a real estate transaction could be exempt from taxes, depending on the taxpayer's particular financial situation.
If the filer received a 1099-S for the sale of a timeshare or vacation home, then the sale is a personal capital asset and is reportable on a Form 8949 and Schedule D. A gain on this type of sale is considered as the reportable income.
1099-S forms must be mailed to recipients by February 15 and e-filed with the IRS by March 31 each year.
Register for free to E-file Forms 1099-S, 1099-K, 1099-PATR, 1099-G, 1099-H, 1099-C, 1099-SA, 1099-B, 1099-A, 1099-R, 1099-OID, 1099-DIV, 1099-INT, 1099-Q, 1099-LS, 1099-LTC, 1099-MISC, and 1099-NEC with Tax2efile or Call us at 703-229-0326 for assistance on filing your 1099 taxes online.