Prepare e-file IRS 1099 NEC, MISC, INT, DIV, R, A & K for 2022 File 1099 Forms Online
File IRS 1099 S Form 2022
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Table of Contents
What is a 1099 S Tax Form Used for?
1099 s tax form used to report the sale or exchange of real estate properties. Specifically, used to ensure whether the sellers are:
- Reporting their capital gains on the tax return
- Paying the appropriate taxes to the Internal Revenue Service.
Who must File?
Any organization that involves in the sale of real estate properties needs to file 1099 S Online. As per the IRS norms, IRS form 1099 s to report proceeds made from real estate transactions i.e., sales of:
- Improved or unimproved lands including air spaces
- Permanent structures of residential, industrial, or commercial buildings
- Condominium units, appurtenant fixtures
- Land, cooperative housing corporation stock, non-contingent interest in standing timber.
What information do you need to file 1099
Gather the below information to e file 1099 s IRS tax return
|Filer’s Info||Filer’s name, address, telephone number, Taxpayer Identification Number|
|Transferor’s Info||Transferor’s name, address, TIN, Account, or an Escrow number|
|Property Info||Date of closing, gross proceeds, address, & buyer’s part of real estate tax|
|1099 S IRS return Boxes||Information|
|Box 1||Enter the date of closing|
|Box 2||Enter the cash receives from the sale or exchange of real estate property|
|Box 3||Enter the exact address of the property. This includes city, state, & Zipcode|
|Box 4||Enter “X” if in case the transferor will receive or receive property as a part of the consideration|
|Box 5||Enter “X” if the transferor recognizes as a “foreign person”|
|Box 6||Enter the buyer’s part of real estate tax|
Due Dates for 2022-23 Tax Year
Following are 1099 s tax return deadline information:
Issue IRS 1099 S recipient copy – February 16th, 2022 (mail)
Furnish Copy A to the IRS – February 28th, 2022 (paper form) March 31 st, 2022 (e-filing)