Get 2016 Form 1099-s. Proceeds From Real Estate Transactions - Irs

Filling out the 2016 Form 1099-S is essential for reporting proceeds from real estate transactions. This guide provides clear and practical steps to help users accurately complete the form online.

Follow the steps to complete the 2016 Form 1099-S accurately.

1. Click ‘Get Form’ button to obtain the form and open it in your editor for filling.
2. Enter the filer's name, street address, city or town, state or province, country, ZIP code, and telephone number at the top of the form.
3. Fill in the date of closing in box 1. This is the date the real estate transaction was finalized.
4. Enter the gross proceeds from the transaction in box 2. This amount generally represents the sales price and should include cash and notes payable to you.
5. Complete box 3 with the address or legal description of the property that was transferred.
6. If applicable, check box 4 to indicate if the transferor received or will receive property or services as part of the consideration.
7. Check box 5 if the transferor is considered a foreign person, which includes nonresident aliens and foreign partnerships.
8. In box 6, enter the buyer's part of real estate tax, if applicable, charged to the buyer at settlement.
9. Review the completed form for accuracy, making sure all information is correctly entered.
10. Once finalized, save the changes made to the form and download, print, or share it as needed.

Complete your documents online to ensure proper filing and compliance with IRS requirements.