E-file-Form-1099-S | IRS Form 1099-S | Proceeds from Real Estate Transactions

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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.

1099-S Form

1099-S Form