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What is IRS Form 1099 S & Who Must File 1099 S?

what-is-IRS-form-1099-s-who-must-file-1099-s: 1099 S Form is used to report proceeds from all Real Estate Transactions and also to report sales or exchanges of real estate. The reporting transactions include indebtedness, sale, or exchange for money, property, or services of any current or future ownership interest in the following cases.

  1. Any non-contingent interest in standing timber.
  2. A condominium unit and their appurtenant fixtures and also common elements along with land.
  3. Stock in a cooperative housing corporation (as defined in section 216).
  4. Improved or unimproved land, also includes air space.
  5. Inherently permanent structures, including any commercial, residential, or industrial building.
1099 s form

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Who Must File S Form?

In the below cases, one must File Tax Form 1099 S and report to the IRS. There are three main situations where you are liable to File Form 1099 S. Check out every case now.

The person who is closing the transaction need to File Form 1099 S. If a Closing Disclosure mentioned under

(i) Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank)

(ii) The settlement agent on that Closing Disclosure

(iii) When the Closing Disclosure replaces or combines the HUD-1 Settlement Statement and the final Truth-in-Lending (TIL) statement under the Real Estate Settlement Procedures Act (RESPA) of 1974

If there is no one to close the transaction, then

(a) The mortgage lender,

(b) The transferor’s broker,

(c) The transferee’s broker, or

(d) The transferee. Are responsible to File Form 1099 S.

One whose name is mentioned in the written agreement at or before closing to designate is Required to File IRS Form 1099 S.

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What are the Form S due dates?

As per the IRS instructions, the deadline to file 1099 s from the recipient copy and to the IRS is different. The deadlines to furnish both the copies of Form 1099 S are discussed below:

Tax Form 1099 S Copy A to the IRS – February 28th, 2022 (paper form) & March 31st, 2022 (e-filing)

1099 S Recipient Copy B – February 16th, 2022 both for paper filing or e-filing.

Can you file S Form online?

Yes, you have an easy way to report the 1099 S Form Online to the IRS. We are providing easy ways to Efile 1099 S and send the 1099 S copy to the IRS and recipient at the same time. Also, you can sign up for free on our website to File Form 1099 S. The required process to File 1099 S is

  1. Sign up/Login for free.
  2. Select 1099 S Form.
  3. Enter or Select the business information.
  4. Verify the details.
  5. Send the form to the IRS and to the recipient.

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