bulletin Internal Revenue›Introduction
SECTION 2. BACKGROUND
Internal Revenue Bulletin 1998-7 · 2026-10-03 edition · updated 2026-10-04 · United States
.01 Section 6045(e) and § 1.6045–4 of the Income Tax Regulations generally require a real estate reporting person (as defined in § 6045(e)(2) and § 1.6045–4) to file an information return regarding a real estate transaction and to furnish a payee statement to the seller regarding that transaction. The information return and statement must include the name, address, and taxpayer identification number (TIN) of the seller, and the gross proceeds of the real estate transaction. This information is reported on Form 1099-S, Proceeds From Real Estate Transactions.
.02 Section 312 of the Taxpayer Relief Act of 1997 (the Act), Pub. L. No. 105– 34, 111 Stat. 788 (August 5, 1997), effective for sales or exchanges after May 6, 1997, amended § 6045(e) by adding a new paragraph (5), which excepts a sale
The estimated total annual recordkeeping burden is 150,000 hours.
The estimated annual burden per organization varies from 1 hour to 100 hours, depending on individual circumstances, with an estimated average of 10 hours.
February 17, 1998 32 1998–7 I.R.B.
sales or exchanges of a residence occurring after May 6, 1997.
Get a plain-English answer with a citation back to this text.
Ask AI about this code