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The Tax Reform Act of 1986 states that "the person (including any attorney or title company) responsible for closing" report real estate transactions to the I.R.S. on electronic media. With a long history of service to lawyers, title companies, and lending institutions, Charles Jones developed a convenient and reliable service to report real estate transactions on the Form 1099-S and to transmit all of the required data to the I.R.S. in electronic form.

Charles Jones provides all of the forms and reports; you only need to fill out the form and send it to us. Charles Jones sends an acknowledgment of each transaction for verification, sends a hard copy form to the seller, provides an annual summary report to each customer, and files the information returns with the I.R.S.

Charles Jones has also developed an on-line version which produces a computer generated form for certification by the seller at the time of closing.

You can conduct your own 1099-S Reporting by using our Internet accessible Search System, CJXpress. It is a quick and easy way to file the necessary reports.

For an additional fee you may mail or fax your forms to Charles Jones for processing.

The questions below may help you in making that determination. The TEN most commonly asked questions

Do we have to use a Charles Jones form when submitting our 1099-S?
Answer: NO. You can use your own form.
What is the filing fee?
Answer: $7.00/form for those entered online, $15.00/form for those sent into the office and all forms received after Jan. 10 for prior year closings are $20.00/form. PLEASE NOTE: There is no online entry after January 10. Online entry resumes on February 3rd for the current year transactions.
Where do we file the "Exclusion of Principal Residence Form"?
Answer: The Certification Form must be retained by the closing agent for four years following the settlement. No reporting is required for any seller who is able to respond "YES" to the questions in part II. However, if a "NO" response is made, a 1099-S Reporting Form must be filed.
What is the Buyer's Portion of Real Estate Tax?
Answer: The Buyer's Portion of Real Estate Tax is the tax credit received by the seller for prepaid property tax. It is the amount listed on the HUD 1 Form on lines 406 & 407. If those lines are blank, put "None" or "0" on the reporting form.
Does an Estate have to file a 1099?
Answer: YES --Unless the executor, on behalf of the deceased, signs and answers "YES" to all questions in Part II on the Exclusion of Principal Residence form.
Does a Partnership or LLC have to file a 1099?
Answer: YES. Only corporations are exempt from the filing requirement.
Do I have to report the sale of vacant land?
Answer: YES.
Can I list a brother and sister on the same form?
Answer: NO, a separate form is required for all sellers who are not husband and wife at the time of the closing.
Do we have to report if the seller is a builder?
Answer: YES, unless the builder is a corporation
What is the Allocated Gross Proceeds?
Answer: The Allocated Gross Proceeds refer to a case involving multiple sellers who are not husband and wife. Determine the allocation of the proceeds among the parties. List each percentage in a dollar amount on the allocated gross proceeds line of the Reporting Form. For example if the parties are splitting the proceeds 50/50, the allocation would be one half of the sale price.