7575 VOID CORRECTED

OMB No. 1545-0997

Proceeds From Real

Estate Transactions

FILER’S Federal identification number TRANSFEROR’S identification number

Gross proceeds

1 Date of closing (MMDDYY)

Copy A

TRANSFEROR’S name

Address or legal description (including city, state, and ZIP code)

Street address (including apt. no.) For Paperwork

Reduction Act

Notice and

instructions for

completing this form,

see Instructions for

Forms 1099, 1098,

5498, and W-2G.

City, state, and ZIP code Check here if the transferor received or will receive

property or services as part of the consideration ©

Account number (optional)

Form 1099-S Department of the Treasury - Internal Revenue Service

Do NOT Cut or Separate Forms on This Page

FILER’S name, street address, city, state, ZIP code, and telephone no.

2

3

4

File with Form 1096.

Cat. No. 64292E

For

Internal Revenue

Service Center

$

5 Buyer’s part of real estate tax

$

Form 1099-S

97

CORRECTED (if checked)

Copy B

This is important tax

information and is being

furnished to the Internal

Revenue Service. If you

are required to file a

return, a negligence

penalty or other

sanction may be

imposed on you if this

item is required to be

reported and the IRS

determines that it has

not been reported.

(Keep for your records.)

For Transferor

OMB No. 1545-0997

Proceeds From Real

Estate Transactions

FILER’S Federal identification number TRANSFEROR’S identification number

Gross proceeds

1 Date of closing

TRANSFEROR’S name

Address or legal description

Street address (including apt. no.)

City, state, and ZIP code Transferor received or will receive property or services

as part of the consideration (if checked) ©

Account number (optional)

Form 1099-S Department of the Treasury - Internal Revenue Service

FILER’S name, street address, city, state, ZIP code, and telephone no.

2

3

4

$ Form 1099-S

5 Buyer’s part of real estate tax

$

97
Instructions for Transferor

Box 2.—Shows the gross proceeds from a real estate transaction,

generally the sales price. Gross proceeds include cash and notes

payable to you, notes assumed by the transferee (buyer), and any

notes paid off at settlement. Box 2 does not include the value of

other property or services you received or are to receive. See Box 4.

Generally, persons responsible for closing a real estate transaction

must report the real estate proceeds to the Internal Revenue Service

and must furnish this statement to you. You must report the sale or

exchange of real estate on your tax return even if you had a loss. If

the real estate was your main home, file Form 2119, Sale of Your

Home, with Form 1040 even if you had a loss or you did not replace

your home. If the real estate was not your main home, report the

transaction on Form 4797, Sales of Business Property, Form 6252,

Installment Sale Income, and/or Schedule D (Form 1040), Capital

Gains and Losses.

Box 3.—Shows the address of the property transferred or a legal

description of the property.

Box 4.—If marked, shows that you received or will receive services

or property (other than cash or notes) as part of the consideration for

the property transferred. The value of any services or property (other

than cash or notes) is not included in box 2.

Box 1.—Shows the date of closing.

Box 5.—Shows certain real estate tax on a residence charged to the

buyer at settlement. If you have already paid the real estate tax for

the period that includes the sale date, subtract the amount in box 5

from the amount already paid to determine your deductible real

estate tax. But if you have already deducted the real estate tax in a

prior year, generally report this amount as income on the “Other

income” line of Form 1040. For more information, see Pub. 523.

You may have to recapture (pay back) all or part of a Federal

mortgage subsidy, if all the following apply:

● You received a loan provided from the proceeds of a qualified

mortgage bond or you received a mortgage credit certificate.

● Your original mortgage loan was provided after 1990, and

● You sold or disposed of your home at a gain during the first 9

years after you received the Federal mortgage subsidy.

This will increase your tax. See Form 8828, Recapture of Federal

Mortgage Subsidy, and Pub. 523, Selling Your Home.
VOID CORRECTED

Copy C

For Filer

OMB No. 1545-0997

Proceeds From Real

Estate Transactions

FILER’S Federal identification number TRANSFEROR’S identification number

Gross proceeds

1 Date of closing

TRANSFEROR’S name

Address or legal description (including city, state, and ZIP code)

Street address (including apt. no.)

City, state, and ZIP code Check here if the transferor received or will receive

property or services as part of the consideration ©

Account number (optional)

Form 1099-S Department of the Treasury - Internal Revenue Service

FILER’S name, street address, city, state, ZIP code, and telephone no.

2

3

4

$

For Paperwork

Reduction Act

Notice and

instructions for

completing this

form, see

Instructions for

Forms 1099,

1098, 5498,

and W-2G.

Form 1099-S

5 Buyer’s part of real estate tax

$

97
Filers, Please Note—

Specific information needed to complete this form and

other forms in the 1099 series is given in the 1997

Instructions for Forms 1099, 1098, 5498, and W-2G.

A chart in those instructions gives a quick guide to

which form must be filed to report a particular

payment. You can order those instructions and

additional forms by calling 1-800-TAX-FORM

(1-800-829-3676).

Furnish Copy B of this form to the transferor by

February 2, 1998.

File Copy A of this form with the IRS by March 2,

1998.