The 1099-S is used to report the gross proceeds from the sale or exchange of real estate and certain royalty payments. This includes transactions that consist of sale or exchange for money, indebtedness, property, or services of any present or future ownership interest in:
Applicable businesses: Real estate brokers, banks, real estate agents, escrow companies, title companies, real estate lawyers and attorneys for property transactions.
When to file: 1099-S forms must be mailed to recipients by February 15 and e-filed with the IRS by March 31 each year.
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