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Form 1099-S: when a real estate sale must be reported

For closing agents, title and escrow companies, attorneys and anyone else responsible for a closing. Check whether a sale needs a 1099-S, and see who files, what goes on it and when it's due.

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Short answer

Form 1099-S reports the gross proceeds of a real estate sale or exchange, filed by the real estate reporting person: usually the settlement agent, then the mortgage lender, the seller's broker, the buyer's broker and finally the buyer. It isn't required for sales of a principal residence of $250,000 or less ($500,000 if married) with the seller's written certification, for corporate or government sellers, for transfers under $600, or for gifts and foreclosures. Seller copies are due February 15; the IRS copy is due February 28 on paper or March 31 if e-filed.

  • Box 2a: total gross proceeds (2b cash, 2c digital assets)
  • Don't subtract expenses or the mortgage payoff
  • Keep residence certifications for 4 years
  • The $600 test applies to the whole transaction

Last reviewed against the IRS Instructions for Form 1099-S (Rev. December 2026).

1. What kind of transfer is it?

Who files the 1099-S

The duty falls on the "real estate reporting person", in this order:

  1. The person responsible for closing, usually the settlement agent named on the closing disclosure;
  2. if there isn't one, the mortgage lender (the lender of new funds secured by the property);
  3. then the seller's broker;
  4. then the buyer's broker;
  5. and finally the buyer.

The parties can also designate the filer in a written agreement signed at or before closing.

What goes on the form

  • Date of closing and gross proceeds (box 2a, the total of cash in 2b and digital assets in 2c): the total cash and notes the seller received, not reduced by expenses or the mortgage payoff.
  • Address or legal description of the property.
  • Whether the seller received property or services as part of the deal, and whether the seller is a foreign person.
  • The buyer's part of real estate tax paid in advance by the seller.
  • The seller's name, address and TIN. Collect it at closing on a W-9 or a substitute certification; our TIN checker catches typos.

Common exemptions

  • Principal residence: the seller certifies in writing, under penalties of perjury, that it was their main home and the gain is fully excludable, and the price is $250,000 or less ($500,000 or less if the certification says the seller is married). With joint sellers, each must certify. You can collect it up to January 31 of the year after the sale; keep it for 4 years.
  • Exempt sellers: corporations (including publicly traded partnerships), government units including foreign governments and international organizations, and certified "exempt volume transferors" that sell 25 or more properties a year.
  • Small or non-sales: gross proceeds under $600 (tested on the whole transaction, not per seller), gifts, bequests and refinancings.
  • Foreclosures: reported by the lender on Form 1099-A (and 1099-C for cancelled debt).

Deadlines

Seller copies are due February 15. The IRS copy is due February 28 on paper or March 31 if e-filed. A closing company that files 10 or more information returns in the year, counting every type, must e-file.

Related tools

Sources

Questions

1099-S questions

Who files Form 1099-S?

The person responsible for closing the transaction, usually the settlement or closing agent listed on the closing disclosure. If there isn't one, responsibility falls in order to the mortgage lender (the lender of new funds secured by the property, usually the buyer's lender), the seller's broker, the buyer's broker, and finally the buyer. The parties can also agree in writing who will file.

When is a 1099-S not required?

Common exemptions: the seller is a corporation or government unit; the price is under $600; it's a gift or other transfer with nothing paid; it's a foreclosure (reported on 1099-A instead); or the seller certifies in writing that the home was their principal residence, the gain is fully excludable, and the price is $250,000 or less ($500,000 or less for married sellers).

When is Form 1099-S due?

The seller's copy is due February 15. The IRS copy is due February 28 on paper or March 31 if you e-file. Dates move to the next business day when they fall on a weekend or holiday.

What goes on Form 1099-S?

The closing date, gross proceeds (box 2a), the property's address or legal description, whether the seller received property or services as part of the deal, whether the seller is a foreign person, and the buyer's share of real estate tax, plus the seller's name and TIN.

How do I get the seller's TIN?

Ask for it before or at closing, typically on a W-9 or a substitute certification in the closing package. If the seller refuses, you still file, and you may need to note the solicitation in your records.

What if there are several sellers?

Each seller generally gets their own 1099-S, with the gross proceeds allocated among them as they agree. If you don't get an allocation, or get conflicting ones, report the total gross proceeds on each seller's form.

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E-file every closing's 1099-S at once

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E-file Form 1099-S Spreadsheet templates

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