Instructions For Form 1099-S - 2006
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27Instructions for Transferor
For sales or exchanges of certain real estate, the person responsible
Box 1. Shows the date of closing.
for closing a real estate transaction must report the real estate
Box 2. Shows the gross proceeds from a real estate transaction,
proceeds to the Internal Revenue Service and must furnish this
generally the sales price. Gross proceeds include cash and notes
statement to you. To determine if you have to report the sale or
payable to you, notes assumed by the transferee (buyer), and any
exchange of your main home on your tax return, see the instructions
notes paid off at settlement. Box 2 does not include the value of
for Schedule D (Form 1040), Capital Gains and Losses. If the real
other property or services you received or are to receive. See Box 4.
estate was not your main home, report the transaction on Form
Box 3. Shows the address or a legal description of the property
4797, Sales of Business Property, Form 6252, Installment Sale
transferred.
Income, and/or Schedule D (Form 1040).
Box 4. If marked, shows that you received or will receive services or
Federal mortgage subsidy. You may have to recapture (pay back)
property (other than cash or notes) as part of the consideration for
all or part of a federal mortgage subsidy if all the following apply:
the property transferred. The value of any services or property (other
● You received a loan provided from the proceeds of a qualified
than cash or notes) is not included in box 2.
mortgage bond or you received a mortgage credit certificate,
Box 5. Shows certain real estate tax on a residence charged to the
● Your original mortgage loan was provided after 1990, and
buyer at settlement. If you have already paid the real estate tax for
● You sold or disposed of your home at a gain during the first 9
the period that includes the sale date, subtract the amount in box 5
years after you received the federal mortgage subsidy.
from the amount already paid to determine your deductible real
estate tax. But if you have already deducted the real estate tax in a
This will increase your tax. See Form 8828, Recapture of Federal
prior year, generally report this amount as income on the “Other
Mortgage Subsidy, and Pub. 523, Selling Your Home.
income” line of Form 1040. For more information, see Pub. 523,
Account number. May show an account or other unique number
Pub. 525, and Pub. 530.
the filer assigned to distinguish your account.
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