Form 1099-S - Proceeds From Real Estate Transactions - 2014 Page 4
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6Instructions for Transferor
Account number. May show an account or other unique number the filer
For sales or exchanges of certain real estate, the person responsible for closing
assigned to distinguish your account.
a real estate transaction must report the real estate proceeds to the Internal
Box 1. Shows the date of closing.
Revenue Service and must furnish this statement to you. To determine if you
have to report the sale or exchange of your main home on your tax return, see
Box 2. Shows the gross proceeds from a real estate transaction, generally the
the instructions for Schedule D (Form 1040). If the real estate was not your main
sales price. Gross proceeds include cash and notes payable to you, notes
home, report the transaction on Form 4797, Form 6252, and/or the Schedule D
assumed by the transferee (buyer), and any notes paid off at settlement. Box 2
for the appropriate income tax form. If Box 4 is checked and you received or will
does not include the value of other property or services you received or will
receive like-kind property, you must file Form 8824.
receive. See Box 4.
Federal mortgage subsidy. You may have to recapture (pay back) all or part of
Box 3. Shows the address or legal description of the property transferred.
a federal mortgage subsidy if all the following apply.
Box 4. If marked, shows that you received or will receive services or property
• You received a loan provided from the proceeds of a qualified mortgage bond
(other than cash or notes) as part of the consideration for the property
or you received a mortgage credit certificate.
transferred. The value of any services or property (other than cash or notes) is
not included in Box 2.
• Your original mortgage loan was provided after 1990.
Box 5. Shows certain real estate tax on a residence charged to the buyer at
• You sold or disposed of your home at a gain during the first 9 years after you
settlement. If you have already paid the real estate tax for the period that
received the federal mortgage subsidy.
includes the sale date, subtract the amount in box 5 from the amount already
• Your income for the year you sold or disposed of your home was over a
paid to determine your deductible real estate tax. But if you have already
specified amount.
deducted the real estate tax in a prior year, generally report this amount as
This will increase your tax. See Form 8828 and Pub. 523.
income on the “Other income” line of the appropriate income tax form. For more
Transferor's identification number. For your protection, this form may show
information, see Pub. 523, Pub. 525, and Pub. 530.
only the last four digits of your SSN, ITIN, or ATIN. However, the issuer has
reported your complete identification number to the IRS, and, where applicable,
to state and/or local governments.
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