Everything You Need To Know About Form 1099-S

Real Estate Transaction requires tax form 1099-S

If you work in the real estate industry you are probably familiar with tax forms: “Form 1099,” “Form 1099-MISC” and “Form W-2.” But did you know that real estate transactions require a special tax form, IRS Form 1099-S?! You need to know about this critical real estate tax Form 1099-S. No matter if you’ve bought or sold a house, invested in real estate for profit, or are considering it, this blog will tell you everything you need to know about Real Estate Tax Form 1099-S.

Everything You Need To Know About Real Estate Form 1099-S 

Form 1099-S, Proceeds From Real Estate Transactions, is an IRS information return that is used for reporting the sale or exchange of real estate properties.

As always, TaxBandits provides you with necessary tax forms that can be e-filed quickly, easily, and securely.

Form 1099-S can easily be filed right from your TaxBandits account!

Now that you know we have offer Form 1099-S, let’s look into what is exactly reported on the form.

Information Reported on Real Estate Form 1099-S 

When it comes to filing Form 1099-S there’s really only three categories of information that needs to be supplied:

  • Filer Details: Name, Address, Telephone Number, Federal ID Number
  • Transferor Details: Name, Address, ID Number, Account/Escrow Number
  • Property Details: Closing Date, Gross Proceeds, Address, Real Estate Tax

Real Estate Investment Fact Form 1099-s

Who’s Required To File Real Estate Tax Form 1099-S?

I’m sure this question came to mind when you first began reading. Well, we have the answer for you:

Form 1099-S is filed by those that oversee transactions for the exchange of the following:

  • Improved or unimproved land (including airspace)
  • Residential, commercial, and industrial buildings, or any other inherently permanent structures
  • Condominium unit(s), including appurtenant fixtures, common elements, and land
  • Cooperative housing corporation stock, or
  • Any non-contingent interest in standing timber, as well as for money, indebtedness, property, or services.

Infographic for Real Estate Tax Form 1099-S

When is Form 1099-S Due?

There are three possible due dates for Form 1099-S. Although the first deadline has passed, you can still meet the main e-filing deadline when you file with TaxBandits.

IRS Form 1099-S Deadlines

 How To File A 1099-S Form in 4 Easy Steps

  1. The first step to filing Form 1099-S with TaxBandits is simply creating or logging in to your TaxBandits account.
  2. After accessing your TaxBandits account you will then start a Form 1099-S return and add filer details, transferor details, and transaction details.
  3. Once this information has been provided, you will then review your order and select whether you’d like to have your forms mailed to your transferors or not.
  4. Add your credit card information to cover the standard transmittal fee and just like that you’ve e-filed Form 1099-S with the IRS!

Contact TaxBandits

Our all-star support team is standing by, ready to assist you Monday through Friday, 9:00 a.m. to 6:00 p.m. EST, by phone (704-684-4751) and live chat. We also provide 24/7 customer support at support@TaxBandits.com to make sure you always get the answers you need!

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