Should I have been provided a 1099-S by the title company for my land sale?

What happens if OP files without having the 1099-S? Will the IRS flag it for an audit or something since the title company would have sent them a copy?

Thanks for confirming! That's what I thought. So I should definitely call the title company and request a copy, right? I'm worried about filing without it.

You can still file your taxes without having the physical 1099-S in hand, as long as you accurately report the sale and proceeds. The IRS uses the form primarily for matching purposes. However, I would absolutely recommend contacting the title company to request a copy for your records. As for concerns about audits, the IRS might send a notice if they see a discrepancy between what you report and what the title company reported. This is why it's important to have accurate numbers even if you don't have the actual form. But getting the form will help ensure your reporting matches exactly what was sent to the IRS.

How does this actually work? I'm missing a different tax form (a 1099-NEC from a client who went out of business) and wondering if this could help with that too?

Sounds interesting but does it really hold up if you get audited? I'm always skeptical about substitute forms not coming from the official source.

The service works by analyzing your documentation to extract the exact data that would appear on your missing form. It's designed to work with various tax documents, including 1099-NEC, so it could definitely help with your situation too. It basically recreates what should have been reported based on your actual transaction records. As for audit concerns, what matters to the IRS is that you correctly report your income and transactions, not necessarily that you have the physical form. The tool provides documentation showing how the numbers were derived, which gives you solid backup for your tax filing. I was nervous too, but my accountant actually said the documentation it provided was more thorough than what typically comes on a standard 1099-S.

How much does this cost? Seems too good to be true that they can get through when regular people can't.

I don't buy it. The IRS wait times are intentionally long to discourage people from calling. How could some service magically get through? And even if they do get someone on the line, would the IRS even discuss your missing forms with you?

The service works by using their technology to navigate the IRS phone system and wait on hold so you don't have to. They basically have systems that can stay on hold for hours, then when a real person answers, they call you and connect you directly to that agent. It's that simple - they're just taking the waiting part off your plate. As for whether the IRS will discuss your situation, absolutely they will. Once you're connected to an agent, you're having a direct conversation just like if you'd called yourself. The IRS can verify what forms have been submitted under your SSN and provide guidance on how to proceed with missing documents. They were actually really helpful once I got through to a real person.

Thanks for that info. No, we definitely didn't sign anything like that - it was clearly just an investment property (vacant land in another state). I'll call the title company tomorrow morning. I have all the settlement documents with the final numbers, so I could theoretically file without the 1099-S, but I'd rather have everything properly documented.

Sounds like you're on the right track. Keep in mind that even if you don't get the 1099-S before filing, you still need to report the sale on your Schedule D and Form 8949. The good thing is that you have your settlement documents with the final numbers - those actually contain all the information you need to properly report the sale, including the gross proceeds which would be on the 1099-S.

This happened to me too! I got my 1099-S literally a week before the filing deadline. Title companies can be really behind, especially smaller local ones. They're supposed to send them by Jan 31 but a lot of them miss that deadline.

Thanks for sharing that experience! Good to know I'm not alone. I just called the title company this morning actually, and they said they did issue it but sent it to our old address (even though we provided our current one at closing 🙄). They're emailing me a copy today and resending the physical one. What a relief!

This is such a good point! I work in real estate and see this all the time. People often use their current address when they first start the sale process, but then move before closing and forget to update their info with the title company. It's definitely worth adding to your closing checklist - right alongside reviewing all the numbers, make sure they have your correct mailing address for all the tax documents that will come later. Glad OP got it resolved!

This is really helpful advice! I'm new to real estate transactions and didn't even know to ask about the 1099-S timing at closing. It's reassuring to know that you can still file correctly using the settlement statement if needed. I'll definitely keep this in mind if I ever sell property. Thanks for sharing these practical tips - it's exactly the kind of insider knowledge that can save a lot of headaches later!

I'm so glad this thread was helpful! I'm actually in a similar boat - planning to sell some rental property soon and had no clue about all these potential documentation issues. Reading through everyone's experiences really opened my eyes to things I need to watch out for. Definitely going to save this conversation and make a checklist based on all the advice here. It's amazing how much you can learn from real people who've been through these situations!

This is exactly what I needed to hear! I'm actually in a very similar situation - sold some land I inherited from my grandmother last year and have been panicking about not receiving the 1099-S. Your point about the HUD-1 settlement statement having all the same information is really reassuring. I've been staring at that document for weeks wondering if it would be enough for my tax filing. It's so helpful to know that your tax preparer confirmed this approach. I think I'll still try to get the official 1099-S from the title company like you're planning to do, but at least now I know I have a solid backup plan if they can't provide it in time for filing. Thanks for sharing that professional insight - it really puts my mind at ease!

This is such valuable advice! I never would have thought to check with my real estate agent for backup copies of closing documents. That's a really smart tip that could save a lot of stress if the title company is unresponsive or slow to provide missing forms. Your point about the IRS being understanding when you make a good faith effort is also really reassuring. I think a lot of people (myself included) get really anxious about potential penalties or issues when tax documents go missing, but it sounds like as long as you're proactive and document your efforts to get the proper paperwork, things usually work out fine. The amendment approach your friend used is interesting too - file with the best information you have available, then correct it later if needed. That takes a lot of pressure off having to get everything perfect before the deadline. Thanks for sharing these practical insights - this whole thread has been incredibly educational!