What is Form 1099-S? It is used to report the sale or exchange of real estate transactions to the IRS. Know more information about the 1099-S.
Who Must File Form 1099-S?
The person closing the transaction is responsible for filing the form. If no one is responsible for closing the transaction, the person responsible for filing the form is, in the following order:
1. The mortgage lender
2. The transferer’s broker
3. The transferee’s broker
4. The transferee.
However, you may designate the person required to file the form in a written agreement. Visit The IRS for more details.
1099-S Deadlines For 2020
The following are the 1099-S due dates for each filing type. Forms must be transmitted to the IRS before the deadline.
- Recipient copy > February 15
- IRS eFile > March 31
- IRS paper filing > February 28
If a due date falls on a weekend or holiday, it will be due the next business day.
How to eFile 1099-S for the Year 2020?
Tax1099 is the go-to source for your 1099 filings. You can eFile Form 1099-S Online for the year 2020 using Tax1099. Don’t wait for the deadline eFile Now.!