16 Jul 2025
🏡IRS Seeks Comments on Real Estate Transactions Information Collection
Agency Information Collection Activities; Comment Request on Proceeds From Real Estate Transactions.
Summary
In accordance with the Paperwork Reduction Act of 1995, the IRS is inviting comments on the information collection request outlined in this notice.
Agencies
- Treasury Department
- Internal Revenue Service
Business Impact
$$ - Med
The notice outlines the IRS information collection requirements for proceeds from real estate transactions, affecting businesses involved in real estate as they must comply with reporting on Form 1099-S. Business owners need to be aware of the deadlines and methods for submitting comments regarding the information collection, which indicates regulatory compliance requirements.