1099 Real Estate Tax Reporting Using REsource
Contents
1. 100 O o Allocation Amount 300 000 00 Receive Prop or Services Collars C Reporting to the Seller at Closing or Seller Claiming Exemption at Closing 1 The following documents are available for printing with the HUD 1 Settlement Statement and should be used with all transactions as applicable 1 HUD 1 Signature Page ATG Rev 1 11 Page 1 of 4 ATTORNEYS TITLE GUARANTY FUND INC 1099 Real Estate Tax Reporting Using REsource ii Substitute Form 1099 S Proceeds from Real Estate Or Certification for No Information Reporting on the Sale or Exchange of Principal Residence Caf lt SS lle Sal Print Preview HUG Print Preview Buyer s HUD iii A prompt will display when the Print HUD button Peen sels HP is selected on the HUD Settlement Statement gt Main tab W Question OI ee First 3 pages of Hud and 1101 Detail Only iv To print only the first two pages of the HUD 1 Settlement Statement click OK to the first prompt v To print any remaining documents change the Y to N and click OK The following prompts will result 1 Print Signature Page Y or N 2 Print 1099 S Y or N 3 Print Certificate for No 1099 S Reporting Y or N 4 Print Receipts and Disbursement Summary Y or N NOTE Receipts and Disbursements must be created and or updated in Check Writing first For details please refer to the Check Writing section in the REsource User Manual2. D Reporting to the IRS all non exempt sales or exchanges ate Complete 1 From the REsource Desktop select Complete Closing Reports 2 Open the Member Reports folder and then the 1099 subfolder The 1099 folder contains three reports Ei Complete Closing Reports 6 5 2 CC Reports Explorer File Reports View Help ES ESEZ ZE Sl Folders Contents of Member Reports 1099 E Al Folders H8 1099 Audit Report Aegional rtm H A Member Reports H 1099 Audit Report rtm E ember 1096 Print H Member 1096 Print Regional BB Member 1099 Frint Detach Tab on Left HE Member 1099 Print Mel Hember 1099 Print Regional PremiumeWUndencwriter Rep 5 Receipts and Disburseme M OLd1099 Audit Report rtm Fa RO Standard Reports ATG Rev 1 11 Page 2 of 4 ATTORNEYS TITLE GUARANTY FUND INC 1099 Real Estate Tax Reporting Using REsource 1099 Audit Report Lists file information necessary for the IRS reporting Form 1099 S This report is based upon the closing date and is used to determine any missing information or exempt transactions prior to printing on the actual IRS 1099 S forms All reportable transactions the Do Not Generate 1099 checkbox on the Seller tab of Order Entry is not checked will be included in this listing Member 1096 Print Prints the necessary information on the IRS Form 1096 that will accompany your IRS Form 1099 S This contains the filer s name address and Federal Tax ID This info
3. ATTORNEYS TITLE GUARANTY FUND INC 1099 Real Estate Tax Reporting Using REsource A Overview Section 6045 of the Internal Revenue Code requires that the person responsible for closing the transaction report to the Internal Revenue Service all sales or exchanges of real estate with certain exceptions conducted by the real estate reporting person during the previous year The IRS Form 1099 S is used for this purpose REsource prints the required reporting information on the original IRS 1099 S and 1096 IRS forms Additionally if you are the person responsible for closing the transaction under the above rules then you must also provide the Sellers with a 1099 S statement on or after the closing date and before February 1 of the year following the year of the sale or exchange REsource conveniently generates the 1099 S Form with the HUD 1 Settlement Statement for delivery to the Seller at the time of closing if applicable Some transactions are exempt from reporting to the IRS such as when the transferor seller is a corporation or if the sales price is 250 000 or less or 500 000 if the Seller is married and filing jointly and it is the Seller s principal residence Sellers must complete the Certificate for No Information Reporting form to claim the exemption REsource also generates this document with the HUD 1 Settlement Statement For specific information regarding exempt or nonexempt transactions reporting person or IRS reportin
4. egid it equal to r Show all values of the Regid field Cancel ATG Rev 1 11 Page 3 of 4 ATTORNEYS TITLE GUARANTY FUND INC 1099 Real Estate Tax Reporting Using REsource 9 Select Member 1099 Printi report and enter the closing date range 10 Insert the 2006 IRS 1099 S forms in the Search Mi E1 printer in a quantity corresponding to the o Sas number of reportable transactions three EE transactions will print on each Form 1099 S andthe Regid is equalto B001 You cannot change this value 11 Click the printer icon to print indicates that this search value must be entered Cancel NOTE Adobe Reader is required When printing on the IRS Forms 1096 and 1099 it is important to make sure that the Page Scaling is set to None This setting will ensure that the printed information lines up with the IRS forms Printer Name HP LaserJet 6P Status Ready Type HP LaserJet 6P Properties Comments and Forms C Current view C Current page Pages from 1 to 3 Subset AIl pages in range Reverse pages Page Handling Copies fi F Collate Page Scaling None MV Auto Rotate and Center Page Scaling Choose Paper Source by PDF page size Print to file Printing Tips ATG Rev 1 11 Document 8 5 x 11 0 in Paper 1 3 1 8 5 11 0 in Cancel Page 4 of 4
5. g requirements please contact a member of the ATG Underwriting Department legal atgf com 217 403 0020 or 312 752 1990 B Required Data in REsource For all sales exempt or non exempt specific information must be entered in REsource to generate the proper reporting documents 1 If you have not already done so please contact the ATG REsource Help Desk at 888 776 4420 to provide ATG with your Federal Identification Number contact name and phone number 2 In addition to the sales price closing date Seller s names and property information the following information must be entered in the Seller s tab i Go to Order Entry and sete iba Buyer Seller tab Select the hepa eledele iia i BI 2 Seller Betty and Barney Seller wife and husband Sellers tab Business Name Notes First Ml Last Ext Gender Nm Betty Seler Listing Agent 131952 REMAX Number Required only 1f Nm2 Bamey Hi Seller E Attorney 9001 Test R Membe l Relationship of 2nd Person to First the sale or exchange will be C Wie D sf Husband Partner C Other reported to the IRS Piet Txssn za Tax ID Social Security No SsNName2 T ses E Mail 111 Do not Generate 1099 By Cy State Zip J _Qyerride Auto 1099 Proceeds Distribution default this box is checked If 1099 Information a 1099 is required you must uncheck the box ii Tax ID Social Security V Do Not Generate 1099 Allocation
6. rmation must be entered in REsource by the REsource Help desk Member 1099 Print1 Prints the necessary information on the 2006 IRS Form 1099 S The forms can be obtained from the IRS or an office supply store 3 Select the 1099 Audit Report rtm and enter the closing date range and click OK Search _ ol x 4 Click the printericon to print SpeedDates Show all data where the Closedate is between mon A e pond A 5 Review and update the Seller information and the Regid is equal to a001 You cannot change this value indicates that this search value must be entered Cancel Sample 1099 S Audit Report 1099S Audit Report Filer Information Test Member 555 Main Street Chicago IL 60606 Phone 555 555 5555 Filers Federal TaxID HE THHHHHHE Filed Close Date Seller Information Gross Proceeds Box 4 Property Information 050900100565 01 15 06 Mary Seller 150 000 123 W Main st Chicago IL Tax ID AAR RHE HRE oso900100585 01 1506 John Jones 150 000 123 Test Dr Chicago IL Tax ID AARE RHEE 050900100575 01 1806 Sam Seller 600 000 123 Oak 123 Test Drive Chicago IL Chicago IL 60606 Tax ID sae HEHE 6 Select the Member 1096 Print report and enter the year of closings to report and click OK 7 Insert the IRS Form 1096 into the printer gee ME t5 8 Click the printer icon to print Show all data where the Dateyear is egual to 2006 Show all values of the Dateyear field and the R
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