FORM 1099-S INFORMATION
THE DO'S AND DON'TS OF REAL ESTATE REPORTING
In 1987, Congress mandated settlement agents (Escrow Companies, Title Companies, Real Estate Brokers, Attorneys, Banks and Savings and Loans) to report all sales of real estate on Form 1099-S.
Settlement agents are required to obtain the information necessary to complete and process Form 1099-S prior to the close of escrow. The Internal Revenue Code requires the seller to provide the requested information under penalty of perjury to the settlement agent. The IRS can charge the seller penalties for non-compliance.
Please call (800) 445-1099 if you would like additional information about the real estate reporting requirements or if you are looking for someone to process your 1099-S forms.
- How to Fill Out the Input Sheet
- Who is Subject to the Reporting Requirements
- Which Transactions are Subject to the Reporting Requirements
- Sales of Principal Residences
- Multiple Sellers
- Husbands and Wives
- Foreign Sellers
- Exempt Volume Transferors
- Contingent Payment Transactions
- Other Escrow Reporting Requirements (Form 1099 MISC)
- Time Deadlines
- Copy of Actual Form 1099-S along with Complete IRS Instructions(will be sent via regular mail)
- How to Contact Us