Federal Proceeds From Real Estate Transactions
Extracted from PDF file 2020-federal-form-1099-s.pdf, last modified November 2019
Proceeds From Real Estate TransactionsAttention: Copy A of this form is provided for informational purposes only. Copy A appears in red, similar to the official IRS form. The official printed version of Copy A of this IRS form is scannable, but the online version of it, printed from this website, is not. Do not print and file copy A downloaded from this website; a penalty may be imposed for filing with the IRS information return forms that can’t be scanned. See part O in the current General Instructions for Certain Information Returns, available at www.irs.gov/form1099, for more information about penalties. Please note that Copy B and other copies of this form, which appear in black, may be downloaded and printed and used to satisfy the requirement to provide the information to the recipient. To order official IRS information returns, which include a scannable Copy A for filing with the IRS and all other applicable copies of the form, visit www.IRS.gov/orderforms. Click on Employer and Information Returns, and we’ll mail you the forms you request and their instructions, as well as any publications you may order. Information returns may also be filed electronically using the IRS Filing Information Returns Electronically (FIRE) system (visit www.IRS.gov/FIRE) or the IRS Affordable Care Act Information Returns (AIR) program (visit www.IRS.gov/AIR). See IRS Publications 1141, 1167, and 1179 for more information about printing these tax forms. 7575 VOID CORRECTED FILER’S name, street address, city or town, state or province, country, ZIP or foreign postal code, and telephone number 1 Date of closing 2 Gross proceeds $ FILER’S TIN TRANSFEROR’S TIN OMB No. 1545-0997 2020 Form 1099-S 3 Address (including city, state, and ZIP code) or legal description Copy A For Internal Revenue Service Center TRANSFEROR’S name 4 Check here if the transferor received or will receive ▶ property or services as part of the consideration Street address (including apt. no.) City or town, state or province, country, and ZIP or foreign postal code 5 Check here if the transferor is a foreign person (nonresident alien, foreign partnership, foreign estate, ▶ or foreign trust) . . . . . . . . . Account number (see instructions) 6 Buyer’s part of real estate tax $ Form 1099-S Proceeds From Real Estate Transactions Cat. No. 64292E www.irs.gov/Form1099S File with Form 1096. For Privacy Act and Paperwork Reduction Act Notice, see the 2020 General Instructions for Certain Information Returns. Department of the Treasury - Internal Revenue Service Do Not Cut or Separate Forms on This Page — Do Not Cut or Separate Forms on This Page CORRECTED (if checked) FILER’S name, street address, city or town, state or province, country, ZIP or foreign postal code, and telephone number 1 Date of closing 2 Gross proceeds $ FILER’S TIN TRANSFEROR’S TIN OMB No. 1545-0997 2020 Proceeds From Real Estate Transactions Form 1099-S 3 Address (including city, state, and ZIP code) or legal description Copy B For Transferor TRANSFEROR’S name 4 Transferor received or will receive property or services ▶ as part of the consideration (if checked) . . . Street address (including apt. no.) City or town, state or province, country, and ZIP or foreign postal code 5 If checked, transferor is a foreign person (nonresident alien, foreign partnership, foreign estate, or foreign ▶ trust) . . . . . . . . . . . 6 Buyer’s part of real estate tax Account number (see instructions) $ Form 1099-S (keep for your records) www.irs.gov/Form1099S This is important tax information and is being furnished to the IRS. If you are required to file a return, a negligence penalty or other sanction may be imposed on you if this item is required to be reported and the IRS determines that it has not been reported. Department of the Treasury - Internal Revenue Service Instructions for Transferor For sales or exchanges of certain real estate, the person responsible for closing a real estate transaction must report the real estate proceeds to the IRS and must furnish this statement to you. To determine if you have to report the sale or exchange of your main home on your tax return, see the Instructions for Schedule D (Form 1040 or 1040-SR). If the real estate was not your main home, report the transaction on Form 4797, Form 6252, and/or the Schedule D for the appropriate income tax form. If box 4 is checked and you received or will receive like-kind property, you must file Form 8824. Federal mortgage subsidy. You may have to recapture (pay back) all or part of a federal mortgage subsidy if all the following apply. Account number. May show an account or other unique number the filer assigned to distinguish your account. Box 1. Shows the date of closing. Box 2. Shows the gross proceeds from a real estate transaction, generally the sales price. Gross proceeds include cash and notes payable to you, notes assumed by the transferee (buyer), and any notes paid off at settlement. Box 2 does not include the value of other property or services you received or will receive. See Box 4. Box 3. Shows the address or legal description of the property transferred. • Your original mortgage loan was provided after 1990. Box 4. If checked, shows that you received or will receive services or property (other than cash or notes) as part of the consideration for the property transferred. The value of any services or property (other than cash or notes) is not included in box 2. • You sold or disposed of your home at a gain during the first 9 years after you received the federal mortgage subsidy. Box 5. If checked, shows that you are a foreign person (nonresident alien, foreign partnership, foreign estate, or foreign trust). • Your income for the year you sold or disposed of your home was over a specified amount. Box 6. Shows certain real estate tax on a residence charged to the buyer at settlement. If you have already paid the real estate tax for the period that includes the sale date, subtract the amount in box 6 from the amount already paid to determine your deductible real estate tax. But if you have already deducted the real estate tax in a prior year, generally report this amount as income on the “Other income” line of Schedule 1 (Form 1040 or 1040-SR). For more information, see Pub. 523, Pub. 525, and Pub. 530. • You received a loan provided from the proceeds of a qualified mortgage bond or you received a mortgage credit certificate. This will increase your tax. See Form 8828 and Pub. 523. Transferor’s taxpayer identification number (TIN). For your protection, this form may show only the last four digits of your TIN (social security number (SSN), individual taxpayer identification number (ITIN), adoption taxpayer identification number (ATIN), or employer identification number (EIN)). However, the issuer has reported your complete TIN to the IRS. VOID CORRECTED FILER’S name, street address, city or town, state or province, country, ZIP or foreign postal code, and telephone number 1 Date of closing 2 Gross proceeds $ FILER’S TIN OMB No. 1545-0997 2020 Proceeds From Real Estate Transactions Form 1099-S 3 Address (including city, state, and ZIP code) or legal description TRANSFEROR’S TIN Copy C For Filer TRANSFEROR’S name 4 Check here if the transferor received or will receive ▶ property or services as part of the consideration Street address (including apt. no.) City or town, state or province, country, and ZIP or foreign postal code Account number (see instructions) 5 Check here if the transferor is a foreign person (nonresident alien, foreign partnership, foreign estate, ▶ or foreign trust) . . . . . . . . . 6 Buyer’s part of real estate tax $ Form 1099-S www.irs.gov/Form1099S For Privacy Act and Paperwork Reduction Act Notice, see the 2020 General Instructions for Certain Information Returns. Department of the Treasury - Internal Revenue Service Instructions for Filer To complete Form 1099-S, use: • The 2020 General Instructions for Certain Information Returns, and • The 2020 Instructions for Form 1099-S. To order these instructions and additional forms, go to www.irs.gov/Form1099S. Caution: Because paper forms are scanned during processing, you cannot file Forms 1096, 1097, 1098, 1099, 3921, or 5498 that you print from the IRS website. Due dates. Furnish Copy B of this form to the transferor by February 16, 2021. File Copy A of this form with the IRS by March 1, 2021. If you file electronically, the due date is March 31, 2021. To file electronically, you must have software that generates a file according to the specifications in Pub. 1220. The IRS does not provide a fill-in form option for Copy A. Foreign transferors. Sales or exchanges involving foreign transferors are reportable on Form 1099-S. For information on the transferee’s responsibility to withhold income tax when a U.S. real property interest is acquired from a foreign person, see Pub. 515. Need help? If you have questions about reporting on Form 1099-S, call the information reporting customer service site toll free at 866-455-7438 or 304-263-8700 (not toll free). Persons with a hearing or speech disability with access to TTY/TDD equipment can call 304-579-4827 (not toll free).
2020 Form 1099-S
More about the Federal Form 1099-S Corporate Income Tax Tax Credit TY 2020
We last updated the Proceeds From Real Estate Transactions in July 2021, so this is the latest version of Form 1099-S, fully updated for tax year 2020. You can download or print current or past-year PDFs of Form 1099-S directly from TaxFormFinder. You can print other Federal tax forms here.
Related Federal Corporate Income Tax Forms:
|Form Code||Form Name|
|Form 1099-SA||Distributions From an HSA, Archer MSA, or Medicare Advantage MSA|
The Internal Revenue Service usually releases income tax forms for the current tax year between October and January, although changes to some forms can come even later. We last updated Federal Form 1099-S from the Internal Revenue Service in July 2021.
Form 1099-S is a Federal Corporate Income Tax form. States often have dozens of even hundreds of various tax credits, which, unlike deductions, provide a dollar-for-dollar reduction of tax liability. Some common tax credits apply to many taxpayers, while others only apply to extremely specific situations. In most cases, you will have to provide evidence to show that you are eligible for the tax credit, and calculate the amount of the credit to which you are entitled.
About the Corporate Income Tax
The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.
Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).
Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.
Historical Past-Year Versions of Federal Form 1099-S
We have a total of ten past-year versions of Form 1099-S in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
2020 Form 1099-S
2019 Form 1099-S
2018 Form 1099-S
2017 Form 1099-S
2016 Form 1099-S
2016 Form 1099-S
2014 Form 1099-S
2013 Form 1099-S
2012 Form 1099-S
2012 Form 1099-S
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