Q: Who is responsible for providing a 1099-S for sale of residential property?
How do I know if I need to file a 1099-S or if I am exempt from doing so?
A:
The IRS has a publication to answer this question, available at https://www.irs.gov/instructions/i1099s The same publication also outlines what transfers are exempt from reporting.
Generally, at a typical "full" settlement where one person is buying the property from another, the title company who conducted the settlement would prepare the 1099-S. However, a party to the transaction may be responsible for filing this, either because they agreed to undertake the filing or because no third party conducted the Closing.
While not legal advice, I hope this general legal information helps.
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