How do I create Form 1099-S?

Creating Form 1099-S

  1. Click on the Payer List button.
  2. Double click on the payer name.
  3. Highlight the recipient to add the form to.
  4. Click on the Add Form button.
  5. Choose 1099-S from the Form Type drop down menu.
  6. Fill in the necessary fields on the form:
    • Corrected:  Check if this box applies.
    • Date of closing:  Enter the closing date.
    • Gross Proceeds:  Enter the gross proceeds from the sale or exchange of real estate.
    • Address or legal description:  Enter the address of the property, including the city, state, and Zip code. If the address does not sufficiently identify the property, also enter a legal description, such as section, lot, and block.
    • Check here if the transferor received or will receive property or services as part of the consideration:  Check box for transferor.
    • Check here if the transferor is a foreign person:  Check box for foreign transferor.
    • Buyer's part of real estate tax:  Enter buyer's part of real estate tax.
    • Account Number:  A number assigned to recipient by the payer.  This field is optional except for the following cases:
      • The recipient has multiple returns for the same return type.
      • The returns are filed using the E-file Center.
  7. Click Save. 
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