Form 1099-S

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Form 1099-S

A form one files with the IRS to report the sale of real estate. Any profit on the sale of real estate is taxable.
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Payments that are covered include amounts paid in real estate transactions (Forms 1099-S); amounts paid in broker and barter exchange transactions (Forms 1099-B); and payments to attorneys (Form 1099-MISC, if amounts are reported in box 8 or 14).
A related provision provided that real estate reporting persons will not be required to file Forms 1099-S, Proceeds From Real Estate Transactions, for sales or exchanges of principal residences with a sales price of $250,000 or less for a single individual ($500,000 for married individuals), so long as the reporting person obtains a certification from the seller in a form acceptable to the Treasury that the property is the seller's principal residence and the full amount of the gain on such sale or exchange can be excluded.