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E-file IRS Form 1099-S Online for 2022 Tax Year

What is a 1099-S?

Form 1099-S is used to report closed sales or exchanges of real estate and certain royalty payments during a particular tax year. Some real estate transactions can include a sale of land 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 Schedule D. A gain on this type of sale is considered as the reportable income.

Form 1099-S must be mailed to recipients by February 15 and e-filed with the IRS by March 31st each year.

How to File 1099-S Form?

1099 S Form

As with all tax records, the filer may hold onto the form for a minimum of three years. The account number is required if the filer has multiple accounts for a recipient who may need to file more than one IRS 1099-S Form.

To file your Form 1099-S you will need:

  • Taxpayer's (FILER/TRANSFEROR) information
  • Account number
  • Date of closing
  • Gross proceeds
  • Address or legal description
  • Transferor details
  • Buyer's part of real estate tax

Watch our step-by-step video on How to E-File IRS Form 1099-S with Tax2efile

Who Must File Form 1099-S?

If the filer is considered a buyer, they may include a clause in their purchase agreement that identifies the seller as the responsible party for any IRS reporting that is required as a result of their receipt of funds related to the transaction. The filler can also ask the seller to complete Form W-9 as part of their closing package, which will include all the information that is needed to complete a 1099-S.

If the filler is a seller, the seller can file for a 1099-S since the filler would obtain the required information to file a form. A seller will also have to complete a 1096 transmittal form with all their information if needed. A copy of the 1099 certification form is presented to the sellers at closing. Form 1099-S obtains three copies of the form the first copy will be for the IRS the second is for the Transferor and the last copy is for the filler.

When is the Due Date to File Form 1099-S?

Filing Type Deadline
Recipient copy January 31st
IRS Paper Filing February 28th
IRS Electronic Filing March 31st

Note:If the due date/deadline falls on a Saturday, Sunday, or federal holiday, the filer will need to E-file on the next business day.

Still have questions?

Form 1099-S used to report the sale of exchange of real estate

Required details to file Form 1099-S may include: Details of payees and payers, Tin of Filer Transferor Information, Tin of, Transferor Tin as well as any amounts

Yes, Tax2efile offers a bulk upload feature that allows the user to upload all the Transferor to an excel sheet for a faster process.

Tax2efile allows you to correct a mistake to the Filers information for TINs, Names & amounts.

Yes, Tax2efile offers printing and mailing service! Our dedicated team will print and mail out each form you filed.

Using our fast electronic service, you can complete your filing within 5 minutes.

To file Form 1099-S for a single return the filing fee is $3.25.

The IRS requires Form 1099-S to be submitted by February 28 through the mail and by March 31 if you file the form electronically however, recipients’ copy should be mailed by January 31.

The penalty can be from $50 per 1099 form, the maximum penalty can be up to $194,000. The penalty increases to $100 per 1099 form if you submit more than 30 days after the due date, but by August 1; the maximum penalty is $556,500. If you file after August 1, the penalty increases to $280 per 1099 form, with a maximum of $3,392,000. Additionally, there are penalties for failure to furnish the payee statement.

If you have more questions, please refer to our FAQ page.

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