What is a 1099 s?

Form 1099-S is for proceeds from real estate transactions. This form is used to report income from the sale or exchange of real estate, and you may also use it for income from certain royalty payments. Due to recipient: Jan. 31

Why is IRS Form 1099-S important?

IRS Form 1099-S is an important (and often overlooked) step in the closing process for most real estate transactions, and if you're in the practice of closing deals yourself, this is something you probably ought to be doing. Why is IRS Form 1099-S Necessary?

Do I need a 1099 form?

Yes. You'll need your 1099 to accurately report your income on your tax return. Remember that a copy of this form is also sent to the IRS, so you can be sure the agency knows about this income. However, simply receiving a 1099 tax form doesn’t necessarily mean you owe taxes on that money.