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What is IRS Form 1099-S?

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What is IRS Form 1099-S?

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Form 1099-S is used to report proceeds from real estate transactions. The transferor (real estate agent, usually) must send this from to the taxpayer by January 31 or the next business day. This form details the property transferred and the proceeds of the sale. It will also list the buyer’s share of the real estate tax paid, if any. The date of closing is provided to help with capital gains record keeping.

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