1099s
The Form 1099-S, officially titled Proceeds From Real Estate Transactions, is an informational tax form used by the Internal Revenue Service (IRS). This form is primarily issued by the person or entity responsible for closing a real estate transaction, such as a title company, escrow agent, or attorney. Its purpose is to report the gross proceeds from the sale or exchange of real property to both the seller and the IRS.
When a piece of real estate is sold, the party handling the closing is required to file
The information provided on Form 1099-S helps the IRS track real estate transactions and ensures that sellers