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.