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3. Form 1099-S Instructions - A complete overview In Box 1, the filer must enter the date of closing for the property. In Box 2, enter the gross proceeds, this is the cash amount that the transferor will receive in exchange for the property. In Box 3, enter the address and/or legal description of the property.
The recording of an Affidavit of Affixation in the register of deeds' office will be prima facie evidence that the manufactured home is affixed to real property as an improvement to the property, so that lenders will be able to rely on the affidavit to file and properly perfect their liens, and bankruptcy judges may ...
Ing to the IRS, the person who must file the Form 1099-S reporting the sale is the person responsible for closing the transaction. This means that if you used a title company or attorney to close your transaction they are generally responsible for completing and filing the form on your behalf.
The sales price is the gross proceeds you received in giving up the property. That's the amount that was paid down or paid off, plus any other consideration you received in the transaction. Compute your gain or loss in the usual way ? Sales price minus your adjusted basis in the property.