Did you know a form 1099-S is required if it involves any of the following sales?
1. Improved or unimproved land. Air space is included.
2. Permanent structures, including any residential, commercial or industrial building.
3. A condominium unit and its appurtenant common elements.
4. Planned unit developments.
5. Stock in a cooperative housing corporation.
Statewide Title, Inc. has 1099-S reporting for attorneys. Here is how it works:
(1) Fill out the 1099-S Real Estate Transaction form at closing.
(2) Submit a copy to Statewide Title, Inc. Statewide Title will be responsible for filing the information electronically with the IRS.
(3) Give a copy to the seller who will use the form for tax return preparation purposes.
(4) Retain a copy on file.
The Statewide Title 1099-S Real Estate Transaction forms and detailed instructions have been designed to simplify the process and can be ordered from Statewide Title, Inc.
Call (704) 637-1027 or (800) 821-5414. Ask for the 1099-S Servicing Department when ordering. Our marketing reps will be explaining our new 1099 service to you soon. If you have any questions about our 1099 services, please call.