Who needs it?
Settlement agents are required to report applicable sales or exchanges of real property on all transferors except the following:
- Governmental Units
- Exempt Volume Transferors
When to File it
With Tax1099.com, we automatically schedule your IRS e-File transmission date for the e-File deadline. That allows you to make changes to forms after creating them for your vendors and before sending them to the IRS, without the need to issue corrected forms – all at no additional cost for the e-File update. You may also change the scheduled date to occur earlier than the deadline if you prefer.
Electronically filed 1099-S forms are directly transmitted to the IRS from the Tax1099.com system. IRS e-filed acceptance acknowledgment comes within 3 to 7 business days.