What is a 1099-S?
Form 1099-S is used to report gross proceeds from the sale or exchange of real estate and certain royalty payments. A 1099-S form must be provided to the recipient and a copy mailed or e-filed to the IRS.
Why do I file 1099-S?
The IRS requires that all income is reported by businesses and individuals or penalties could apply.
Who needs to file 1099-S?
Organizations involved in the sale or exchange of real estate and certain royalty payments must use Form 1099-S. See the official IRS instructions.
What to report
- Gross proceeds from the sale or exchange of real estate.
- Certain royalty payments.
Amount to report
Generally $600 or more