Form 1099-S - Proceeds From Real Estate Transactions

Instructions 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 social security number (SSN), individual taxpayer

identification number (ITIN), adoption taxpayer identification number (ATIN), or

employer identification number (EIN). However, the issuer has reported your

complete identification number to the IRS.

Form 1099-S - Proceeds From Real Estate Transactions - 2016 Page 4