Fill out 1099-S (Proceeds From Real Estate Transactions) online
Form 1099-S reports the gross proceeds from the sale or exchange of real estate. The person responsible for closing the transaction (typically the title company, settlement agent, or real estate attorney) files this form to report the sale proceeds to the IRS and provide a copy to the seller.
How to fill out 1099-S (Proceeds From Real Estate Transactions)
Identify the filer and transferor
Enter the filer's name, address, and TIN (the closing agent or responsible party). Enter the transferor's (seller's) name, address, and Social Security number or TIN.
Enter transaction details
In Box 1, enter the date of closing. In Box 2, enter the gross proceeds from the sale (total consideration). In Box 3, enter the property address or legal description.
Complete additional boxes
Check Box 4 if the transferor received or will receive property or services as part of the consideration. In Box 5, check if the transferor is a foreign person. In Box 6, enter the buyer's part of the real estate tax.
File and distribute copies
File Copy A with the IRS by the filing deadline. Provide Copy B to the transferor (seller) by the deadline listed in the instructions. Retain Copy C for your records.
About 1099-S (Proceeds From Real Estate Transactions)
Who needs this form
The person responsible for closing the real estate transaction (title company, settlement agent, attorney, or mortgage lender) prepares and files Form 1099-S. The seller (transferor) receives Copy B and must report the sale on their tax return, even if the gain is excluded under the primary residence exclusion.
Where to submit
The filer sends Copy A to the IRS and Copy B to the seller (transferor). Filed by the deadline listed in the current official form instructions. Electronic filing is required for filers submitting 10 or more information returns.
Source and content freshness
- Filing deadlines may shift for weekends and holidays. Verify due dates with official instructions.
Common mistakes to avoid
- Not filing a 1099-S because the seller claims the home sale exclusion (the exclusion does not eliminate the reporting requirement)
- Entering the wrong gross proceeds amount (should be the total consideration, not just the net to seller)
- Incorrect transferor TIN (Social Security number) - verify with a W-9 before closing
- Not filing when the property sale price exceeds the certification threshold
- Confusing the date of closing with the date of recording
Frequently asked questions
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Do I owe taxes if I received a 1099-S for selling my home?
Not necessarily. If the home was your primary residence and you lived in it for at least 2 of the last 5 years, you may exclude up to $250,000 of gain ($500,000 for married filing jointly) under the Section 121 exclusion. Receiving a 1099-S means the sale was reported to the IRS, but you still claim the exclusion on your tax return using Form 8949 and Schedule D. If your gain exceeds the exclusion amount, the excess is taxable.
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