Form 1099-S - Proceeds From Real Estate Transactions

Instructions for Transferor

issuer has reported your complete identification number to the IRS, and,

For sales or exchanges of certain real estate, the person responsible for

where applicable, to state and/or local governments.

closing a real estate transaction must report the real estate proceeds to the

Internal Revenue Service and must furnish this statement to you. To

Account number. May show an account or other unique number the filer

determine if you have to report the sale or exchange of your main home on

assigned to distinguish your account.

your tax return, see the instructions for Schedule D (Form 1040). If the real

Box 1. Shows the date of closing.

estate was not your main home, report the transaction on Form 4797,

Box 2. Shows the gross proceeds from a real estate transaction, generally

Form 6252, and/or the Schedule D for the appropriate income tax form. If

the sales price. Gross proceeds include cash and notes payable to you,

box 4 is checked and you received or will receive like-kind property, you

notes assumed by the transferee (buyer), and any notes paid off at

must file Form 8824.

settlement. Box 2 does not include the value of other property or services

Federal mortgage subsidy. You may have to recapture (pay back) all or

you received or will receive. See Box 4.

part of a federal mortgage subsidy if all the following apply.

Box 3. Shows the address or legal description of the property transferred.

• You received a loan provided from the proceeds of a qualified mortgage

Box 4. If marked, shows that you received or will receive services or

bond or you received a mortgage credit certificate.

property (other than cash or notes) as part of the consideration for the

• Your original mortgage loan was provided after 1990.

property transferred. The value of any services or property (other than cash

or notes) is not included in box 2.

• You sold or disposed of your home at a gain during the first 9 years after

you received the federal mortgage subsidy.

Box 5. Shows certain real estate tax on a residence charged to the buyer

at settlement. If you have already paid the real estate tax for the period that

• Your income for the year you sold or disposed of your home was over a

includes the sale date, subtract the amount in box 5 from the amount

specified amount.

already paid to determine your deductible real estate tax. But if you have

This will increase your tax. See Form 8828 and Pub. 523.

already deducted the real estate tax in a prior year, generally report this

Transferor's identification number. For your protection, this form may

amount as income on the “Other income” line of the appropriate income

show only the last four digits of your SSN, ITIN, or ATIN. However, the

tax form. For more information, see Pub. 523, Pub. 525, and

Pub. 530.

Form 1099-S - Proceeds From Real Estate Transactions - 2012 Page 4

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