Form 1099-S Proceeds from Real Estate Transactions, is the official form used to report the sale or exchange of real estate. Generally, you are required to file form 1099-S to report a transaction that consists in whole or in part of the sale or exchange for money, indebtedness, property, or services of any present or future ownership interest in any of the following:
Generally, the person responsible for closing the transaction, as explained in 1 below, is required to file Form 1099-S. If no one is responsible for closing the transaction, the person required to file Form 1099-S is explained in 2, later. However, you may designate the person required to file Form 1099-S in a written agreement, as explained under 3, later.
Each person who signs the agreement must keep it for 4 years.
The following is a list of transactions that are not reportable; however, you may choose to report them. If you do, you are subject to the rules in these instructions.
No reporting is required for the sale or exchange of an interest in the following types of property, provided the sale is not related to the sale or exchange of reportable real estate.
For more information visit: https://www.irs.gov/instructions/i1099s/index.html