1099-S
An IRS form the closing agent files to report the seller's gross proceeds from a real estate sale. Some home sales are exempt from reporting if the seller certifies they qualify.
Also called: form 1099-S, proceeds from real estate transactions
Related terms
Tax on the profit from selling an asset, based on the sale price minus your cost basis. Many homeowners can exclude part of the gain on a primary residence they have lived in long enough.
The final step of a sale, when documents are signed, money changes hands, the deed is recorded and the buyer gets ownership. In some states everyone signs at a table; in others signing and funding happen separately.
The neutral party who holds funds and documents, follows the written instructions of buyer and seller, and pays everyone out at closing. Depending on the state, this is an escrow company, title company or attorney.
The money a seller actually receives at closing after paying off the mortgage, commissions, and closing costs. It is shown on the settlement statement.