Form 1099-S - Proceeds From Real Estate Transactions

Forms and Documents

Document Name	Status
Form 1099-S Form 1099-S - Proceeds From Real Estate Transactions Form	Modified
2017-06-28 SS 1545-0997r.doc Supporting Statement A	2017-06-29

IC Document Collections

IC ID	Document Title	Status
17643	Form 1099-S - Proceeds From Real Estate Transactions Form	Modified

ICR Details

OMB Control No: 1545-0997	ICR Reference No: 201704-1545-026
Status: Historical Active	Previous ICR Reference No: 201308-1545-067
Agency/Subagency: TREAS/IRS	Agency Tracking No:
Title: Form 1099-S - Proceeds From Real Estate Transactions
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 11/25/2017
	Date Received in OIRA: 06/30/2017
Terms of Clearance: Upon renewal, IRS must include a Privacy and Paperwork Reduction Act statement as part of the instructions.

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	11/30/2018	36 Months From Approved	11/30/2017
Responses	2,573,400	0	2,573,400
Time Burden (Hours)	411,744	0	360,276
Cost Burden (Dollars)	0	0	0

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Abstract: Form 1099-S is used by the real estate reporting person to report proceeds from a real estate transaction to the IRS.

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Authorizing Statute(s): US Code: 26 USC 6045(e) Name of Law: Return required in the case of real estate transactions.
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	82 FR 14941	03/23/2017
30-day Notice:	Federal Register Citation:	Citation Date:
	82 FR 29999	06/30/2017
Did the Agency receive public comments on this ICR? Yes

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Form 1099-S - Proceeds From Real Estate Transactions	1099-S	Proceeds for Real Estate Transactions

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ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	2,573,400	2,573,400	0	0	0	0
Annual Time Burden (Hours)	411,744	360,276	0	51,468	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Miscellaneous Actions

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: New Box 5 was added to identify foreign investors in US Real Property. This change will result in a program change increase of 51, 468 hours, with a new total burden of 411,744 hours.

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Annual Cost to Federal Government: $189,968

Does this IC contain surveys, censuses, or employ statistical methods? No

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     Yes

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     Yes

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).

The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(i) Why the information is being collected;

(ii) Use of information;

(iii) Burden estimate;

(iv) Nature of response (voluntary, required for a benefit, or mandatory);

(v) Nature and extent of confidentiality; and

(vi) Need to display currently valid OMB control number;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.

Certification Date: 06/30/2017

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