Definition
Think of this as the IRS's way of documenting a property sale—it's a form sent to tax authorities when you sell. You'll need it for your tax return, and making sure the numbers are accurate saves you headaches later.
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1099-S issued when property sale exceeds $600. Filed by title company or lender. Requires seller tax ID. Seller reports gain/loss on tax return. False information can trigger audit. Important for transaction documentation. Professional handling by title company. Sellers receive copy for tax filing. Timing can affect tax year reporting. Critical for investment property transactions.
Pro Tip
Save your 1099-S with your closing documents and have it ready when you file taxes.
Example
1099-S reported $500,000 property sale proceeds to IRS.