Skip to main content

Form 1099-S Proceeds From Real Estate Transactions

I posted this in r/tax as well. But can someone help me.

A bit of a backstory. I have never filled out the Form 1099-S Proceeds From Real Estate Transactions before. My boss is an attorney and told me to fill it out for a closing that was done for a condominium. My boss represented the purchasers who a couple who purchased the condominium from a one person. The condominium was purchased for less than $250,000.

From my understanding the Transferor's, the Seller, Attorney should be the person who was supposed to fill out the Form 1099-S, because from my understanding if there is no settlement agent present during the closing, the Transferor's Attorney is to fill the 1099-S. However, we asked the Transferor's Attorney numerous times to provide to us the 1099-S, but the Attorney did not. My boss decided to that our office would fill it out instead and asked me to fill it out.

I was looking at the 1099-S online. I see that on the IRS website there is a downloadable 1099-S Form which has a Copy A, Copy B and Copy C. However, the instructions says that Copy A of the Form 1099-S downloaded from the IRS website cannot be sent to the IRS because it is not scan-able.

Where do I get the scan-able Copy A of the 1099-S? Who gets Copy A, Copy B, and Copy C of the Form 1099-S? Are there any other Forms that are to be submitted to the IRS along with the 1099-S?

submitted by /u/Greenpenman111
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/dao92o/form_1099s_proceeds_from_real_estate_transactions/

Comments

Popular posts from this blog

North Carolina – “One to Buy; Two to Sell”

I realize I will likely have to contact a real estate attorney but also hoping to hear insights and experiences from others! I have a house in NC that I bought by myself in 2009, and paid off, in full, in 2022. I got married in 2023. My spouse and I have not lived in the house as our "marital residence". We have maintained separate residences even after we got married. (That a separate topic!). I am now selling this house. Realtors have told us that my husband has to sign the deed at time of transfer but I am not convinced since the house has not been our marital residence. The realtors like to use the phrase "one to buy; two to sell", which seems like a broad-stroke statement which is not applicable under all circumstances. And of course, the realtors don’t realize the details of my specific circumstances: I purchased and paid for the house in full prior to marriage Only my name is on the deed And most importantly, we have never lived in the house as a marit...

Question With Tricon "Pending ID".....

My wife and i, along with 2 other peopl applied to rent a house, and our application says "Approved, Pending ID". Anyone else know what that means? Do we pretty much have the place or are we missing something? submitted by /u/Itskrueger [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1orixqj/question_with_tricon_pending_id/

Making offers on houses not listed for sale.

I want to buy a home for retirement. I am looking at lots of options, mostly focusing on the locations that appeal to me. I see lots of Zillow estimates of homes that look like great deals to me. Are these estimates accurate, even though similar houses in the same area that are for sale are usually priced much higher? If so, is it realistic for me to try to make offers to owners that do not have their homes listed? Would a realtor even consider helping me do this? Or, do these values indicate that the houses listed for sale are overpriced, and I should just lowball until someone accepts? Are houses today tending to sell far below list prices, or ??? submitted by /u/chewybrian [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1o4mcon/making_offers_on_houses_not_listed_for_sale/