Title: State the United States Internal Revenue Service (IRS) real estate reporting requirements.
Course: Real Estate (12154) > Section: Exploring Federal Legislation and Regulatory Statutes

Statement should include explanation of IRS forms

- 1098 (https://www.irs.gov/forms-pubs/form-1098-mortgage-interest-statement)
- 1099 (https://www.irs.gov/forms-pubs/about-form-1099misc)
- 1099-S (https://www.irs.gov/forms-pubs/form-1099-s-proceeds-from-real-estate-transactions)

and a description of when each is applicable.

DPOR correlations: 18VAC135-20-400. 13 (Taxes in real estate); 18VAC135-20-400. 22 (Regulatory statutes); 18VAC135-20-400. 23 (Housing legislation); 18VAC135-20-400. 24 (Fair housing statutes)

Process/Skill Questions:

- Who is required to report real estate transactions on IRS forms 1098, 1099, and 1099-S?
- What are the benefits of using standardized forms (IRS forms 1098, 1099, and 1099-S)?
- What is the procedure used in reporting real estate transactions?
- Who should real estate agents contact with questions regarding IRS reporting requirements?
- What are the different ways real estate agents can work in Virginia? How are they classified?
- Do real estate agents have varying tax benefits and costs? Whom could answer these questions for a real estate agent?