Instructions For Form 1099-S - 2006 Page 6
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27certainty, the maximum determinable proceeds are the greatest
Box 5. Buyer’s Part of Real Estate Tax
amount that can be determined with certainty.
For a real estate transaction involving a residence, enter the
Box 3. Address or Legal Description (Including
real estate tax paid in advance that is allocable to the buyer.
You do not have to report an amount as allocable to the buyer
City, State, and ZIP Code)
for real estate taxes paid in arrears. You may use the
Enter the address of the property, including the city, state, and
appropriate information included on the HUD-1, or comparable
ZIP code. If the address does not sufficiently identify the
form, provided at closing. For example, a residence is sold in a
property, also enter a legal description, such as section, lot, and
county where the real estate tax is paid annually in advance.
block. For timber royalties, enter “Timber.”
The seller paid real estate taxes of $1,200 for the year in which
Box 4. Check Here if the Transferor Received or
the sale took place. The sale occurred at the end of the 9th
month of the real estate tax year. Therefore, $300 of the tax
Will Receive Property or Services as Part of the
paid in advance is allocated to the buyer, by reference to the
Consideration
amount of real estate tax shown on the HUD-1 as paid by the
If the transferor received or will receive property (other than
seller in advance, and is reported in box 5. See Notice 93-4,
cash and consideration treated as cash in computing gross
1993-1 C.B. 295.
proceeds) or services as part of the consideration for the
property, enter an “X” in the checkbox in box 4.
S-4
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