Form 1099-S - Proceeds From Real Estate Transactions

Instructions for Transferor

Box 1. Shows the date of closing.

For sales or exchanges of certain real estate, the person responsible for closing

Box 2. Shows the gross proceeds from a real estate transaction, generally the

a real estate transaction must report the real estate proceeds to the Internal

sales price. Gross proceeds include cash and notes payable to you, notes

Revenue Service and must furnish this statement to you. To determine if you

assumed by the transferee (buyer), and any notes paid off at settlement. Box 2

have to report the sale or exchange of your main home on your tax return, see

does not include the value of other property or services you received or will

the instructions for Schedule D (Form 1040). If the real estate was not your main

receive. See Box 4.

home, report the transaction on Form 4797, Form 6252, and/or the Schedule D

for the appropriate income tax form. If box 4 is checked and you received or will

Box 3. Shows the address or legal description of the property transferred.

receive like-kind property, you must file Form 8824.

Box 4. If marked, shows that you received or will receive services or property

Federal mortgage subsidy. You may have to recapture (pay back) all or part of

(other than cash or notes) as part of the consideration for the property

a federal mortgage subsidy if all the following apply.

transferred. The value of any services or property (other than cash or notes) is

not included in box 2.

• You received a loan provided from the proceeds of a qualified mortgage bond

or you received a mortgage credit certificate.

Box 5. Shows certain real estate tax on a residence charged to the buyer at

settlement. If you have already paid the real estate tax for the period that

• Your original mortgage loan was provided after 1990.

includes the sale date, subtract the amount in box 5 from the amount already

• You sold or disposed of your home at a gain during the first 9 years after you

paid to determine your deductible real estate tax. But if you have already

received the federal mortgage subsidy.

deducted the real estate tax in a prior year, generally report this amount as

• Your income for the year you sold or disposed of your home was over a

income on the “Other income” line of the appropriate income tax form. For more

specified amount.

information, see Pub. 523, Pub. 525, and Pub. 530.

This will increase your tax. See Form 8828 and Pub. 523.

Future developments. For the latest information about developments related to

Account number. May show an account or other unique number the filer

Form 1099-S and its instructions, such as legislation enacted after the form and

assigned to distinguish your account.

instructions were published, go to

Form 1099-S - Proceeds From Real Estate Transactions - 2013 Page 4