Report gross proceeds from the sale or exchange of real estate.
Form 1099-S is used to report gross proceeds from the sale or exchange of real estate, including land, commercial property, residential property, condominiums, and certain easements. The reporting person is typically the closing agent, settlement attorney, title company, or mortgage lender.
Filing threshold: Any amount (with exceptions for principal residence)
Paper Filing
February 28
Electronic Filing
March 31
Recipient Copy
February 15
$60–$310 per form depending on how late
2024 penalty tiers: $60/form (≤30 days late) → $130/form (31 days–Aug 1) → $310/form (after Aug 1) → $630/form (intentional disregard). Small business caps may apply.
| Box | Description |
|---|---|
| Box 1 | Date of closing |
| Box 2 | Gross proceeds |
| Box 3 | Address or legal description of property |
| Box 4 | Check if transferor received or will receive property or services |
| Box 5 | Check if transferor is a foreign person |
| Box 6 | Buyer's part of real estate tax |
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Not always. If the seller certifies that the full gain is excludable under the $250,000/$500,000 home sale exclusion (Section 121), the closing agent is not required to file 1099-S.
The 'reporting person' — typically the closing agent, settlement attorney, or title company. If none is involved, the mortgage lender or broker may be responsible.
No. A mortgage refinance is not a sale or exchange of property and does not trigger 1099-S filing.
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