The Form 1099-S is an IRS information return used for reporting the sale or exchange of real estate properties. This form is used to report the sales of improved or unimproved lands (including air space), permanent structures (including residential, industrial, or commercial building), condominium units, co-op housing corporation stock, and any non-contingent interest in standing timber. Form 1099-S must be filed or e-filed with the IRS each year to report the real estate transactions managed by the filer during the previous year.
Transferor copies must be mailed out by
Paper copies must be filed with the IRS by
Electronic copies must be e-filed with the IRS by
If you think you're at risk for missing the Form 1099-S deadline, you can get an extension by filing Form 8809. When filed before your original deadline, Form 8809 provides an automatic 30-day extension for your time to submit Form 1099-S to the IRS. This form does not grant extension of time to furnish your transferor copies, but it can be filed quickly and easily through ExpressTaxFilings!Learn More
If your Form 1099-S is rejected or you notice an error on an already filed 1099-S Form, you'll need to correct it as soon as possible. Corrections can be made electronically or on paper. If the error is part of the transferor's data, a corrected copy of Form 1099-S will need to be sent to them as well.
Depending on your state requirements file the Form 1099-S with the applicable state department. If the state is apart of the Combined Federal/State Filing, then the IRS will forward the original and corrected forms to the state free of charge.