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 of real estate and certain royalty payments 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 January 31, 2017 and e-filed with the IRS by March 31, 2017.
1099-S Reporting Information
|What to report||Amount to report|
|Gross proceeds from the sale or exchange of real estate.||Generally $600 or more|
|Certain royalty payments.||Generally $600 or more|