[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-seo-302448-105":3,"detail-sidebar-cat-1-en-105":84,"doc-detail-302448-en":130},{"code":4,"msg":5,"data":6},0,"ok",{"site_id":7,"language":8,"slug":9,"title":10,"keywords":11,"description":12,"schema_data":13,"social_meta":77,"head_meta":79,"extra_data":81,"updated_unix":83},105,"en","what-is-irs-form-1099-s-and-why-is-it-important-for-real-estate-transactions","What is IRS Form 1099-S and Why is it Important for Real Estate Transactions?","","IRS Form 1099-S reports gross proceeds from the sale of real estate and certain other transactions. Real estate sales generally must be reported to the IRS by filing Form 1099-S, with specific exceptions and qualifications described in IRS instructions. Filing deadlines are set annually; for calendar year 2024, the deadline is February 28, 2025, or March 31, 2025 for e-filing. 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Penalty amounts depend on factors like when the form is filed and how many reportable transactions were not reported timely.",{"name":73,"@type":60,"acceptedAnswer":74},"Who is generally responsible for filing Form 1099-S?",{"text":75,"@type":63},"Generally, the person responsible for “closing” the reportable transaction must file. However, responsibility can vary based on the specific facts of the transaction.","https://schema.org",{"og:url":32,"og:type":78,"og:title":10,"og:site_name":45,"og:description":12},"article",{"robots":80,"canonical":32},"index,follow",{"doc_id":82,"site_id":7},302448,1789793025,{"code":4,"msg":85,"data":86},"success",[87,92,97,102,107,112,116,121,126],{"id":88,"doc_module":22,"doc_module_name":25,"category_name":89,"show_sort_weight":90,"slug":91},11,"Presentations",90,"presentations",{"id":93,"doc_module":22,"doc_module_name":25,"category_name":94,"show_sort_weight":95,"slug":96},12,"Resumes",80,"resumes",{"id":98,"doc_module":22,"doc_module_name":25,"category_name":99,"show_sort_weight":100,"slug":101},14,"Invoices",70,"invoices",{"id":103,"doc_module":22,"doc_module_name":25,"category_name":104,"show_sort_weight":105,"slug":106},15,"Posters",60,"posters",{"id":108,"doc_module":22,"doc_module_name":25,"category_name":109,"show_sort_weight":110,"slug":111},16,"Social Media",50,"social-media",{"id":113,"doc_module":22,"doc_module_name":25,"category_name":29,"show_sort_weight":114,"slug":115},17,40,"forms",{"id":117,"doc_module":22,"doc_module_name":25,"category_name":118,"show_sort_weight":119,"slug":120},18,"Letters",30,"letters",{"id":122,"doc_module":22,"doc_module_name":25,"category_name":123,"show_sort_weight":124,"slug":125},21,"Paper Templates",5,"papers-templates",{"id":127,"doc_module":22,"doc_module_name":25,"category_name":128,"show_sort_weight":4,"slug":129},158,"General","general-158",{"code":4,"msg":85,"data":131},{"doc_id":82,"user_id":132,"nickname":42,"user_avatar":133,"doc_module":22,"category_id":113,"category_name":29,"doc_title":10,"doc_description":12,"doc_content":134,"file_id":135,"file_url":136,"file_type":137,"file_size":138,"view_count":33,"is_deleted":4,"is_public":22,"is_downloadable":22,"audit_status":22,"page_count":22,"language":139,"language_code":8,"site_id":7,"html_lang":8,"table_of_contents":140,"faqs":141,"seo_title":142,"seo_description":12,"update_tm":83,"read_time":4},962084928904,"https://ap-avatar.wpscdn.com/davatar_155a257f0dc6eb9ab79c44ca47cae57d","What is IRS Form 1099-S and Why is it Important for Real Estate Transactions?  \nBy Jeremy Herskowitz, Fernando Mendez | March 25 , 2024  \nRELATED PRACTICES Real Estate  \nWhat is IRS Form 1099-S?  \nInternal Revenue Service (IRS) Form 1099-S is used to report gross proceeds from the sale of real estate (and certain other transactions) . As a general matter, if real estate is sold, then the sale is tobe reported to the IRS through the filing of Form 1099-S (subject to certain exceptions, exclusionsand qualifications as set forth in the instructions on the IRS website ) . This would include, among other things, the sale of the following:  \n Improved or unimproved land, including air space.  \n Permanent structures, including any residential, commercial, or industrial building.  \n A condominium unit and its fixtures and common elements, including land.  \n Stock in a cooperative housing corporation.  \nThe date by which Form 1099-S must be filed is determined by the IRS on an annual basis, so it is important to monitor the relevant IRS publications with respect to each applicable reporting year. For example, per the IRS website, forms relating to reportable transactions for calendar year 2024 must be filed with the IRS by February 28, 2025 (or March 31, 2025 if e-filing) .  \nWhy is it important to file this form?  \nThe IRS may impose penalties for each failure to file, and such penalties may be subject to interest. These penalties vary and depend on various factors, including, among other things, when the form is ultimately filed and the number of reportable transactions that were not timely reported. Note that these penalties and interest are separate from any penalties and or interest that may be due on underlying unpaid taxes.  \nWho is responsible for filing the form?  \nGenerally, the person responsible for “closing” a reportable transaction is required to file Form 1099-S. However, determining who is responsible for “closing” the transaction can differ depending on the specific facts of the transaction. Below is a brief overview of who may be responsible for filing in connection with a sale of real estate; the complete instructions can be found at the IRS’s website.  \nRead the full article here.","cbCaikkaNoE4WLJk","https://ap.wps.com/l/cbCaikkaNoE4WLJk","pdf",64718,"English","# What is IRS Form 1099-S?\n## What transactions must be reported\n## Filing deadline by reporting year\n# Why filing matters\n## Penalties and interest\n# Who must file","[{\"question\":\"What is IRS Form 1099-S used for in real estate deals?\",\"answer\":\"IRS Form 1099-S is used to report gross proceeds from the sale of real estate and certain other transactions to the IRS.\"},{\"question\":\"What kinds of real estate sales are covered by Form 1099-S?\",\"answer\":\"The form covers sales including improved or unimproved land, permanent structures, condominium units with related elements, and stock in a cooperative housing corporation.\"},{\"question\":\"Why is it important to file Form 1099-S on time?\",\"answer\":\"The IRS can impose penalties for failure to file, and penalties may also accrue interest. Penalty amounts depend on factors like when the form is filed and how many reportable transactions were not reported timely.\"},{\"question\":\"Who is generally responsible for filing Form 1099-S?\",\"answer\":\"Generally, the person responsible for “closing” the reportable transaction must file. However, responsibility can vary based on the specific facts of the transaction.\"}]","What is IRS Form 1099-S and Why is it Important for Real Estate Transactions? | PDF"]