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Commonly Asked Questions about Individual to Individual Real Estate Forms

Use Form 1099-S to report the sale or exchange of real estate.
Form 1099-S reports the date of sale and the gross proceeds of the transaction, and it has been sent to the IRS, so a taxpayer who has received one must report it on their tax return.
Sole ownership or tenancy of severalty. By far the most simple, this occurs when a single person owns the property.
Substitute Form 1099-S is called the Proceeds From Real Estate Transactions. If you are responsible for the transaction closure, you must file this form. However, there is the possibility to designate the individual required to complete it in a written agreement.
Use form FTB 3525, Substitute for Form W-2, Wage and Tax Statement, or Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc., as a substitute for federal Forms W-2, W-2c, and 1099-R when your employer or payer does not give you a Form W-2 or Form 1099-R
Additionally, a 1099S is not required for the sale or exchange of a principal residence with gross proceeds of $250,000 or less ($500,000 or less for married filing jointly) if an acceptable written assurance (certification) from the seller is obtained that indicates the full gain is excludable from the sellers gross
Filing these forms requires detailed information about the transactions, including dates, amounts, and participant details. For 1099-S, this might include the date of closing and sale price. 1099-B requires details of the transaction, such as acquisition and sale dates and cost basis.
If Form 1099-S was for the sale of business or rental property, then its reportable on Form 4797 Sales of Business Property and Schedule D.