New 1099-S for 2017
The IRS has added a new field to the 1099-S for 2017, and, in doing so, has also shifted around the box numbers. The new Box 5 asks the transferor to indicate if they are a foreign person (nonresidential alien, foreign partnership, foreign estate, or foreign trust). The revised form also comes with more detailed instructions for both transferor (seller) and filer (closing attorney). The directions for Box 5 state as follows: If checked, shows that you are a foreign person (nonresident alien, foreign partnership, foreign estate, or foreign trust).
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