Form 1099-S Proceeds From Real Estate Transactions

Attention:
Do not download, print, and file Copy A with the IRS.
Copy A appears in red, similar to the official IRS form,
but is for informational purposes only. A penalty of $50 per
information return may be imposed for filing copies of forms
that cannot be scanned.
You may order these forms online at Forms and Publications
By U.S. Mail (http://www.irs.gov/formspubs) or by calling
1-800-TAX FORM (1-800-829-3676).
See IRS Publications 1141, 1167, 1179, and other IRS
resources for information about printing these tax forms.

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Page 1 of 6 of Form 1099-S (Page 2 is BLANK)

2

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reproduction proofs. MUST be removed before printing.

Action

Date

Signature

O.K. to print
Revised proofs
requested

Date

INK: Red, J-6983
Separation for Form 1099-S, page 1
INK: Black
Separation for Form 1099-S, page 1

VOID

7575

CORRECTED

FILER’S name, street address, city, state, ZIP code, and telephone no.

1

Date of closing

2

Gross proceeds

OMB No. 1545-0997

$
FILER’S federal identification number

TRANSFEROR’S identification number

3

2007
Form

1099-S

Address or legal description (including city, state, and ZIP code)

Street address (including apt. no.)

City, state, and ZIP code

Account or escrow number (see instructions)

4

Check here if the transferor received or will receive
䊳
property or services as part of the consideration

5

Buyer’s part of real estate tax

$

1099-S

Copy A
For
Internal Revenue
Service Center

TRANSFEROR’S name

Form

Proceeds From Real
Estate Transactions

Cat. No. 64292E

Do Not Cut or Separate Forms on This Page

—

File with Form 1096.
For Privacy Act
and Paperwork
Reduction Act
Notice, see the
2007 General
Instructions for
Forms 1099, 1098,
5498, and W-2G.

Department of the Treasury - Internal Revenue Service

Do Not Cut or Separate Forms on This Page

Page 3 of 6 of Form 1099-S

2

The type and rule above prints on all proofs including departmental reproduction proofs. MUST be removed before printing.

CORRECTED (if checked)
FILER’S name, street address, city, state, ZIP code, and telephone no.

1

Date of closing

2

Gross proceeds

OMB No. 1545-0997

$
FILER’S federal identification number

TRANSFEROR’S identification number

3

2007
Form

Proceeds From Real
Estate Transactions

1099-S

Address or legal description

Copy B
For Transferor

TRANSFEROR’S name

Street address (including apt. no.)

City, state, and ZIP code

Account or escrow number (see instructions)

Form

1099-S

4

Transferor received or will receive property or services
䊳
as part of the consideration (if checked)

5

Buyer’s part of real estate tax

$
(keep for your records)

This is important tax
information and is being
furnished to the Internal
Revenue Service. 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

Page 4 of 6 of Form 1099-S

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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 Internal Revenue Service 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), Capital Gains and Losses. If the real
estate was not your main home, report the transaction on Form
4797, Sales of Business Property, Form 6252, Installment Sale
Income, and/or Schedule D (Form 1040).
Federal mortgage subsidy. You may have to recapture (pay back)
all or part of a federal mortgage subsidy if all the following apply:
● You received a loan provided from the proceeds of a qualified
mortgage bond or you received a mortgage credit certificate,
● Your original mortgage loan was provided after 1990, and
● You sold or disposed of your home at a gain during the first 9
years after you received the federal mortgage subsidy.
This will increase your tax. See Form 8828, Recapture of Federal
Mortgage Subsidy, and Pub. 523, Selling Your Home.
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 are to receive. See Box 4.
Box 3. Shows the address or a legal description of the property
transferred.
Box 4. If marked, 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.
Box 5. 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 5
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 Form 1040. For more information, see Pub. 523,
Pub. 525, and Pub. 530.

Page 5 of 6 of Form 1099-S

2

The type and rule above prints on all proofs including departmental reproduction proofs. MUST be removed before printing.

VOID

CORRECTED

FILER’S name, street address, city, state, ZIP code, and telephone no.

1

Date of closing

2

Gross proceeds

OMB No. 1545-0997

$
FILER’S federal identification number

TRANSFEROR’S identification number

3

2007
Form

1099-S

Address or legal description (including city, state, and ZIP code)

Street address (including apt. no.)

Account or escrow number (see instructions)

Copy C
For Filer

TRANSFEROR’S name

City, state, and ZIP code

Proceeds From Real
Estate Transactions

4

Check here if the transferor received or will receive
䊳
property or services as part of the consideration

5

Buyer’s part of real estate tax

For Privacy Act
and Paperwork
Reduction Act
Notice, see the
2007 General
Instructions for
Forms 1099,
1098, 5498,
and W-2G.

$
Form

1099-S

Department of the Treasury - Internal Revenue Service

Page 6 of 6 of Form 1099-S

2

The type and rule above prints on all proofs including departmental reproduction proofs. MUST be removed before printing.

Instructions for Filers
General and specific form instructions are provided as
separate products. The products you should use to
complete Form 1099-S are the 2007 General
Instructions for Forms 1099, 1098, 5498, and W-2G,
and the 2007 Instructions for Form 1099-S. A chart in
the general instructions gives a quick guide to which
form must be filed to report a particular payment. To
order these instructions and additional forms, visit the
IRS website at www.irs.gov or call 1-800-TAX-FORM
(1-800-829-3676).
Caution: Because paper for ms are scanned dur ing
processing, you cannot file For ms 1096, 1098, 1099, or
5498 that you download and pr int from the IRS
website.
Due dates. Furnish Copy B of this form to the
transferor by January 31, 2008.

File Copy A of this form with the IRS by
February 28, 2008. If you file electronically, the due
date is March 31, 2008. To file electronically, you must
have software that generates a file according to the
specifications in Pub. 1220, Specifications for Filing
Forms 1098, 1099, 5498, and W-2G Electronically or
Magnetically. IRS does not provide a fill-in form option.
Need help? If you have questions about reporting on
Form 1099-S, call the information reporting customer
service site toll free at 1-866-455-7438 or
304-263-8700 (not toll free). For TTY/TDD equipment,
call 304-267-3367 (not toll free). The hours of operation
are Monday through Friday from 8:30 a.m. to 4:30 p.m.
Eastern time. The service site can also be reached by
email at [email protected].