90 FR 134 pgs. 32115-32116 - Agency Information Collection Activities; Comment Request on Proceeds From Real Estate Transactions.
Type: NOTICEVolume: 90Number: 134Pages: 32115 - 32116
Pages: 32115, 32116FR document: [FR Doc. 2025-13338 Filed 7-15-25; 8:45 am]
Agency: Treasury Department
Sub Agency: Internal Revenue Service
Official PDF Version: PDF Version
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Agency Information Collection Activities; Comment Request on Proceeds From Real Estate Transactions.
AGENCY:
Internal Revenue Service (IRS), Treasury.
ACTION:
Notice of Information Collection; request for comments.
SUMMARY:
In accordance with the Paperwork Reduction Act of 1995, the IRS is inviting comments on the information collection request outlined in this notice.
DATES:
Written comments should be received on or before September 15, 2025 to be assured of consideration.
ADDRESSES:
Direct all written comments to Andres Garcia, Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC 20224, or by email to pra.comments@irs.gov. Include "OMB Control No. 1545-0997" in the subject line of the message.
FOR FURTHER INFORMATION CONTACT:
View the latest drafts of the tax forms related to the information collection listed in this notice at https://www.irs.gov/draft-tax-forms. Requests for additional information or copies of the form should be directed to Kerry Dennis at (202) 317-5751, or at Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC 20224, or through the internet, at Kerry.L.Dennis@irs.gov.
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SUPPLEMENTARY INFORMATION:
The IRS, in accordance with the Paperwork Reduction Act of 1995 (PRA) (44 U.S.C. 3506(c)(2)(A)), provides the general public and Federal agencies with an opportunity to comment on proposed, revised, and continuing collections of information. This helps the IRS assess the impact and minimize the burden of its information collection requirements. Comments submitted in response to this notice will be summarized and/or included in the request for OMB approval. All comments will become a matter of public record. Comments are invited on: (a) Whether the collection of information is necessary for the proper performance of the functions of the agency, including whether the information shall have practical utility; (b) the accuracy of the agency's estimate of the burden of the collection of information; (c) ways to enhance the quality, utility, and clarity of the information to be collected; (d) ways to minimize the burden of the collection of information on respondents, including through the use of automated collection techniques or other forms of information technology; and (e) estimates of capital or start-up costs and costs of operation, maintenance, and purchase of services to provide information.
Title: Proceeds From Real Estate Transactions.
OMB Control Number: 1545-0997.
Form Number: 1099-S.
Abstract: Internal Revenue Code section 6045(e) and the regulations there under require persons treated as real estate brokers to submit an information return to the IRS to report the gross proceeds from real estate transactions. Form 1099-S is used for this purpose. The IRS uses the information on the form to verify compliance with the reporting rules regarding real estate transactions.
Current Actions: There are no changes to the form that would affect burden, however the agency has updated the estimated number of responses based on the most recent filing projections.
Type of Review: Extension of a currently approved collection.
Affected Public: Business or other for-profit organizations, and individuals or households.
Estimated Number of Responses: 5,450,400.
Estimated Time per Response: 10 minutes.
Estimated Total Annual Burden Hours: 872,064.
Dated: July 14, 2025.
Kerry L. Dennis,
Tax Analyst.
[FR Doc. 2025-13338 Filed 7-15-25; 8:45 am]
BILLING CODE 4830-01-P