Form 1099-S

All states | 22 types
Form 1099-S Page 1
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4.8 (15 reviews)
Updated Jan 23, 2025
~ 6 pages
755 downloads
The IRS form 1099-S is used to report proceeds from real estate transactions. This form is provided by entities involved in the transaction, such as title companies or real estate brokers, to individuals or organizations who receive income from selling real estate. Download form 1099-S in PDF format and complete it accurately using the provided guidelines.
Choose your type of this legal template.
Document Types
Form 1099
This form is used to report income to the IRS and payment recipients.
872 downloads
Form 1099-A
This form reports the acquisition or abandonment of secured property.
792 downloads
Form 1099-B
This form reports proceeds from the sale of securities or certain barter transactions.
789 downloads
Form 1099-C
This form reports canceled debts of $600 or more, which may be considered taxable income.
788 downloads
Form 1099-CAP
This form reports corporate changes that result in distributions to shareholders.
783 downloads
Form 1099-DIV
This form reports dividends, capital gain distributions, and other investment income.
801 downloads
Form 1099-G
This form reports taxable payments from government agencies.
842 downloads
Form 1099-H
This form reports HCTC advance payments for the recipient.
749 downloads
Form 1099-INT
This form reports interest income to the IRS and payment recipients.
818 downloads
Form 1099-K
This form reports payment transactions for goods and services processed through third-party networks.
753 downloads
Form 1099-LS
This form reports the transfer or acquisition of a life insurance contract.
741 downloads
Form 1099-LTC
This form reports long-term care and accelerated death benefit payments.
742 downloads
Form 1099-MISC
This form reports an income that is not classified as wages, salaries, or tips.
1.1K downloads
Form 1099-NEC
This form reports payments to independent contractors or self-employed individuals.
1.4K downloads
Form 1099-OID
This form reports OID income from financial instruments like bonds or notes.
742 downloads
Form 1099-PATR
This form is used to report taxable distributions or patronage dividends from cooperatives.
739 downloads
Form 1099-Q
This form reports distributions from education savings programs to the IRS and recipients.
737 downloads
Form 1099-QA
This form documents distributions from ABLE accounts for tax and eligibility purposes.
734 downloads
Form 1099-R
This form is used to report retirement and pension distributions to the IRS and recipients.
804 downloads
Form 1099-SA
This form is used to report distributions from health or medical savings accounts.
734 downloads
Form 1099-SB
This form is used to report life insurance policy transfers to the IRS and recipients.
736 downloads
What Is 1099-S?
When To Use 1099-S
Parties Involved
Key Terms
How To Create 1099-S
1099-s

When you sell your home or land, there are critical measures to take after signing a contract. You must report the sum you gain from the deal to the Internal Revenue Service, which necessitates distinctive documentation.

What Is 1099-S?

The 1099-S is the record to notify the IRS about the proceeds from trading real estate. It defines how much money the transaction has brought you and secures you meet your tax obligations. The form 1099-S isn't just a paper; with its help, you maintain accurate tax records and potect yourself from future issues.

When To Use 1099-S

You will need the IRS form 1099 S for any property deal where you receive payment. Whatever type of real estate you trade, you must still provide this form to the IRS. Usually, the closing agent, like a title company or attorney, completes the 1099-S fillable form, but a seller needs to check if the information is correct.

Parties Involved

The process of preparing a 1099 S involves several parties:

  • Seller: The individual who receives the payment.
  • Buyer: The person acquiring the ownership.
  • Title company or attorney: The entity that prepares and submits the 1099 S form.
  • IRS: The government agency that receives and processes the IRS 1099 S.

Key Terms

Understanding some key terms can help you with the IRS form 1099-S:

  1. Seller: The person selling the asset.

  2. Buyer: The new owner.

  3. Gross proceeds: The full amount obtained from the transaction.

How To Create 1099-S

To complete this form correctly, follow these 1099 S instructions:

  • Collect information: Gather all necessary details about the sale, including the final price and contact information for all involved parties.
  • Use the form: You can upload a fillable 1099-S form template from the Lawrina platform or ask your title company or legal representative to provide it.
  • Complete the details: Accurately fill in the transaction information and double-check for mistakes.
  • Submit the form: Ensure that the finished form 1099 S is sent to the IRS; it is typically handled by the organization that manages the closing.

Navigating property sales requires a solid grasp of forms like the IRS 1099-S. Correctly handling this document ensures all proceeds are adequately reported, keeping everything aligned with IRS expectations. Following the instructions will help you avoid potential issues. Consulting a professional can be beneficial when completing this form to guarantee that you meet all the 1099-S filing requirements for a seamless transaction.