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, and ZIP code

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

96

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, and ZIP code

2

3

4

$ Form 1099-S

5 Buyer’s part of real estate tax

$

96
Instructions for Transferor

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

transaction, generally the sales price. Gross proceeds include

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.

If you sold your home and (1) you did not own it for more

than 9 years and (2) it was financed after 1990 under a

Federally subsidized program (qualified mortgage bonds or

mortgage credit certificates), you may have to recapture part

of the subsidy. This will increase your tax. See Form 8828,

Recapture of Federal Mortgage Subsidy, and Pub. 523,

Selling Your Home.

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

your tax return. For more information, see Pub. 523.

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.
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, and ZIP code

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

96

5 Buyer’s part of real estate tax

$
Filers, Please Note—

Specific information needed to complete this form and

other forms in the 1099 series is given in the 1996

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

January 31, 1997.

File Copy A of this form with the IRS by February

28, 1997.

Separate Charge Prohibited.—The law prohibits any

person required to file Form 1099-S from separately

charging any customer a fee for complying with the

requirements to file Form 1099-S.

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