Learn More About 1099-S

What is a 1099-S?

Form 1099-S is used to report gross proceeds from the sale or exchange of real estate and certain royalty payments. A 1099-S form must be provided to the recipient and a copy mailed or e-filed to the IRS.

Why do I file 1099-S?

The IRS requires that all income is reported by businesses and individuals or penalties could apply.

Who needs to file 1099-S?

Organizations involved in the sale or exchange or real estate for money, indebtedness, property or services must use Form 1099-S. See the official IRS instructions.

When do I file 1099-S?

1099-S forms are required to be mailed to the recipient by February 2, and e-filed with the IRS by Mar. 31, or a paper copy mailed to the IRS by Feb. 28 each year.

1099-S Reporting Information

What to report Amount to report
Gross proceeds from the sale or exchange of real estate. Generally $500 or more
Certain royalty payments. Generally $500 or more