1099-S : Proceeds From Real Estate Transactions is a simple form filed to report the sale or exchange of real estate. You are required to report a transaction that consists in whole or in part of the sale or exchange for money, indebtedness, property, or services of any present or future ownership interest in real estate. If a Uniform Settlement Statement, prescribed under the Real Estate Settlement Procedures Act of 1974 (RESPA), is used, the settlement agent must file Form 1099-S.

The IRS requires that Copy A of the 1099-S be submitted on their special paper if you submit less than 250 filings a year. Otherwise, the IRS encourages you to submit electronically. The IRS provides the forms for FREE (it's an excellent service!). You can order as many forms as you like by calling 1-800-TAX-FORM (800-829-3676), an IRS provided toll-free number.  There is no charge for calling, shipping or handling and they will ship up to 100 forms per call.

The 1099-S form consists of 3-pages where Copy A is sent to the Internal Revenue Service, Copy B is given to the Transferor and Copy C is transmitted to the Filer and/or State.  Copy A of the 1099-S has the look and feel of a normal sheet of paper while Copy B and Copy C are almost like tissue-paper.  The 3-pages are connected together by a perforated edge. The side of the document says "Self Duplicating, Carbon Paper Not Required" and this is absolutely true when a type-writer is used.

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