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E-File IRS Form 1099-S Online with Tax2efile

Tax2efile has been a trusted platform offering IRS-authorized E-filing services to taxpayers successfully for over a decade. Easily report proceeds from real estate transactions for the current tax year by filing Form 1099-S with Tax2efile. Our step-by-step procedures and helpful tips guide users through the submission process, ensuring a seamless experience. Start your electronic filing journey with Tax2efile today and successfully file your tax forms.

What is a 1099-S Form?

Form 1099-S is used to report closed sales or exchanges of real estate and certain royalty payments during a particular tax year. Some real estate transactions can include a sale of land or exchange for money, indebtedness, commercial and industrial buildings, as well as residential properties, such as a home or condominium. The filer can consult a tax professional since the proceeds realized from a real estate transaction could be exempt from taxes, depending on the taxpayer's particular financial situation.

If the filer received a 1099-S for the sale of a timeshare or vacation home, then the sale is a personal capital asset and is reportable on Schedule D. A gain on this type of sale is considered as the reportable income.

Form 1099-S must be mailed to recipients by February 15 and e-filed with the IRS by March 31st each year.

How to File 1099-S Form?

IRS Tax Form 1099-S to report real estate transactions

As with all tax records, the filer may hold onto the form for a minimum of three years. The account number is required if the filer has multiple accounts for a recipient who may need to file more than one IRS 1099-S Form.

To file your Form 1099-S you will need

  • Taxpayer's (FILER/TRANSFEROR) information
  • Account number
  • Date of closing
  • Gross proceeds
  • Address or legal description
  • Transferor details
  • Buyer's part of real estate tax

Watch our step-by-step video on How to E-File IRS Form 1099-S with Tax2efile

Who Must File Form 1099-S?

If the filer is considered a buyer, they may include a clause in their purchase agreement that identifies the seller as the responsible party for any IRS reporting that is required as a result of their receipt of funds related to the transaction. The filler can also ask the seller to complete Form W-9 as part of their closing package, which will include all the information that is needed to complete a 1099-S.

If the filler is a seller, the seller can file for a 1099-S since the filler would obtain the required information to file a form. A seller will also have to complete a 1096 transmittal form with all their information if needed. A copy of the 1099 certification form is presented to the sellers at closing. Form 1099-S obtains three copies of the form the first copy will be for the IRS the second is for the Transferor and the last copy is for the filler.

When is the Due Date to File Form 1099-S?

Filing Type Deadline
Recipient copy January 31st
IRS Paper Filing February 28th
IRS Electronic Filing March 31st

Note:If the due date/deadline falls on a Saturday, Sunday, or federal holiday, the filer will need to E-file on the next business day.

Still have questions?

Form 1099-S used to report the sale of exchange of real estate

Required details to file Form 1099-S may include: Details of payees and payers, Tin of Filer Transferor Information, Tin of, Transferor Tin as well as any amounts

Yes, Tax2efile offers a bulk upload feature that allows the user to upload all the Transferor to an excel sheet for a faster process.

Tax2efile allows you to correct a mistake to the Filers information for TINs, Names & amounts.

Yes, Tax2efile offers printing and mailing service! Our dedicated team will print and mail out each form you filed.

Form 1099-S should be used to report the sale or exchange of real estate, including residential, commercial, and vacant land properties.

Yes, Tax2efile can handle reporting of partial transfers or fractional interests on Form 1099-S, allowing users to accurately report complex property transactions.

Using our fast electronic service, you can complete your filing within 5 minutes.

To file Form 1099-S for a single return the filing fee is $3.25.

The IRS requires Form 1099-S to be submitted by February 28 through the mail and by March 31 if you file the form electronically however, recipients’ copy should be mailed by January 31.

Failure to file the 1099 form by the deadline may result in IRS penalties. The penalty can be from $60 per 1099 Form, the maximum penalty can be up to $630,500. If you submit Form more than 31 days to before August 1, the penalty increases to $120 per 1099 Form and maximum penalty up to $1,891,500. If you file after August 1, the penalty can be from $310 per 1099 Form and maximum penalty up to $3,783,000. Additionally, there are penalties for failure to furnish the payee statement.

Yes, Tax2efile offers options for bulk uploading of 1099-S data, allowing users to upload multiple transactions simultaneously for efficient processing.

Yes, Tax2efile provides support for filing Form 1099-S for transactions involving trusts or estates, catering to a wide range of reporting needs.

If you have more questions, please refer to our FAQ page.

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