Real Estate Weekly
TitleVest launches new 1099 Service.
TitleVest announced the launch of a free service for preparing and filing of IRS Form 1099-S.
The service is available on all title insurance and co-op lien search orders placed through TitleVest. 1099-S is used to report the gross proceeds on the sale or exchange of real property.
The person responsible for closing the transaction is required to file the form with the IRS.
TitleVest’s 1099-S preparation and filing service is an enhancement to its Interactive Online Reports.
Since most of the information needed to complete a 1099-S form is already provided in connection with a pending transaction, users can have a 1099-S automatically generated and filed by supplying a few additional pieces of information.
“We have received an increasing number of requests for 1099-S preparation and filing services,” said Bill Baron, president of TitleVest.
“We already offer free ACRIS E-Tax form preparation with all title and coop orders, so expanding our services to prepare and file 1099-S forms for free was a logical extension.”