How to Fill Out Form 1099-S Brief Instructions

After a purchase or sale of real estate, the IRS Form 1099-S is used to reflect the exact amount of the transaction. Thus, a seller guarantees that it reports the full amount of their capital gain. This form and many others are available in the extensive catalog of the online PDFLiner service along with convenient online editing tools for PDF files.

Printable 1099-S Form


What Is a 1099-S Form?

Whenever you make a transaction involving a sale or exchange of real estate, you need to use the IRS Form 1099-S. With this form, you can report the exact amount of the transaction to the IRS for the tax report. A sale and exchange of property, specified in Form 1099-S, are carried out with your land, permanent structures, apartments, and other properties.

The Internal Revenue Service requests personal data of the applicant, such as their full name and address. You also need to specify detailed information about the property with which a transaction is made. To do it, you have to provide the address of your property and the gross proceeds of the sale or exchange. If you would like to know more about what is a 1099-S Form read a full article on our blog.

Why Is Form 1099-S Necessary?

What is the main purpose of the IRS Form 1099-S? You submit this form to the IRS to report the amount of capital you will receive from the transaction. This way, the IRS gets the necessary data to calculate the taxes you need to pay. Whether you apply as a buyer or seller, be sure to read the IRS Form 1099-S instructions before you start.

When you sell real estate, you need to file a 1099-S reporting form and complete it along with Form 1096. If there is more than one property, you must complete a separate Form 1099-S for each and enter the total amount on Form 1096. Let's look at the cases of property sale which you have to complete with additional Schedule D and Form 8949:

  • if you sell your primary residence;
  • when you sell a timeshare or vacation home;
  • if you inherit the estate

Where can you find Form 1099-S to download and fill it out? It is best to order the IRS Form 1099-S along with Form 1096. You can fill out the form online or download and print it using several ways:

  1. To avoid spending a lot of time searching for the right form, you can use PDFLiner. The catalog contains Form 1099-S, which you can download, complete, and submit online with a couple of clicks. You can also read the detailed instructions provided on the online editor website for filling out the form online.
  2. With the official IRS website, you can order a 1099-S tax form, and the IRS will mail it to you. You can also view the instructions for filling out this document on the website.

1099-S Fillable Form

Who Has to File the IRS Form 1099-S?

This substitute Form 1099-S must be filed by people who carry out transactions consisting of the sale or exchange of real estate for money, debts, property, and other valuables.

Since you’re a seller, you have all the necessary real estate information. You must submit the form when selling your residence, investment property, a real estate inherited, and business. You need to submit this form for tax reporting to the IRS. You might also need other forms to file correct sales revenue information.

Different Types of 1099s

Instructions for 1099-S Form

The IRS requires you to provide specific information in Form 1099-S. You need to give data about the date when the transaction was made, the number of gross proceeds, and the property address. You should also indicate if you are a foreigner and enter the buyer's part of the tax. If you don’t know “What is a 1099-S form used for?” and “Who issues a 1099-S form?”, you can check the paragraphs above.

What is the fastest way to complete the form? You can use the convenient PDFLiner online editor which provides all the necessary tools for filling out the form. Before you start filling in field 1, you need to provide your personal information. Enter your full name, TIN, and address and the same goes for the transferor (you can get the information by sending a W-9 request to them). Further, in the fields, you have to fill in:

  1. In field 1, you need to enter the date of closing for the real estate.
  2. In field 2, enter the amount that the seller will receive.
  3. In field 3, specify the data about the object, namely the address and legal description.
  4. In field 4, you can mark a cell if the property was received as a refund;
  5. Fields 5 and 6 indicate whether the payer is a foreign national. Enter the property tax that the buyer must pay.
blank 1099-S Form on PDFliner


Are you still confused about where or when to submit the form? In this section, you can find answers to the most popular questions regarding a 1099-S form.

When do I have to report Form 1099-S?

According to the IRS tax calendar the party responsible for filing the form must provide it when filing an individual tax return no later than March 31. However, you may always request an extension.

Where to report the 1099-S on Form 1040?

A seller needs to report the transaction on their Form 1040 because Form 1099-S does not list the property value. To do this, you need to complete the IRS Schedule D application and Form 8949, which will be further transferred to line 13 in Form 1040. Both the seller and the IRS receive a copy of Form 1099-S.

Do you have to pay taxes on a 1099-S?

Yes, because this form is used to report the non-employment income. You must submit this information to the IRS in order to deduct taxes from the gross amount you received from the transaction.

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