If youve seen a 1099 form youll know how little information is conveyed. Itonly gives the receiving Realtoru2019s identifying information and the taxableamount paid. Theres no way the IRS can glean any information about theproperty transaction details from that.Mostly the IRS doesnt care about the transaction amount only the taxableportion which the home seller or Realtor will have to report. Of course theIRS has the right to audit you and the transaction records from the escrowcompany if they smell something funny or you are simply the lucky winner of arandom audit.