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Instructions for 1099-S and Form 1099-S
Overview 1099-S
In general, it deals with the requirement to report a transaction that consists in whole, or in part of the sale or exchange for money, indebtedness, property or services of any present of future ownership interest in any of the following:
- Improved or unimproved land, including airspace
- Inherently permanent structures, including any residential, commercial or industrial building
- A condominium unit and it's appurtenant fixtures and common elements including land
- Stock in a cooperative housing corporation (as defined in section 216)
- Any non-contingent interest in standing timber
You can download and print the Instructions for Form 1099-S It is a 4 page pdf file.
You can download the Form 1099-S to see how it looks.
(Not for filing)
The sections to fill out on the 1099-S form are:
- Filer's - Name, address, city, state etc. and telephone number
- Filer's Federal Identification Number
- Transferor's Identification number
- Transferor's name, address, apt #, city, state, zip
- Account or escrow number (see instructions)
- Date of closing
- Gross proceeds
- Address or legal description
- Transferor received or will receive property or services as part of the consideration (if checked)
- Buyer's part of real estate tax
You can avoid the paper problems and use
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