closing
1099-S
Form 1099-S is the IRS form used to report proceeds from real estate sales. The person responsible for closing the transaction, typically the settlement or escrow agent, reports the seller's name, taxpayer identification number, sale date, and gross proceeds to the IRS. Certain sales, such as some principal residence sales below the exclusion amount with seller certification, may be exempt from reporting.
- Exam tip
- The 1099-S reports gross proceeds, not gain. It is filed by the settlement agent, and the information is about the seller.
- Example
- After a $450,000 rental property sale, the closing agent files a 1099-S reporting the seller's gross proceeds to the IRS.
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Last verified: 2026-10-23