How to fill FORM 1099-S and FORM 1096 in this case?

Hi Tipsters, waiting the outcomes from the Title Search on 15 infill lots that I currently have under contract (all from the same owner). If all goes as I hope, I will self close on all those in the incoming days (one Warranty Deed with all 15 Lots in it). With regards to the IRS Forms, as explained by @retipsterseth, I believe these forms are necessarily required, as we’re talking about 1 “bulk” purchase at 5K$ (> 600$). But here is where questions come…

  • Being it only one transaction, is it required only one 1099, or, differently, being 15 different APN’s and Leg. Desc, 15 different 1099 are needed?

  • in case one 1099 is required: how is the field on the address/leg desc (field nr 3) to be filled? (I doubt I can fit all 15 addresses in the field)

  • in case fifteen 1099 are required: what price should I put on the purchase cost field (field nr 2), being that a purchase price for every single lot does not exist?

I tried to find the answer in the IRS page online but with no success. If a CPA - or anyone else who walked down this same road before me - could clarify I would appreciate it.

Thanks and you all have a great weekend!

Why not have the seller accept the responsibility for filing the 1099S?

@karljames hi and thanks for reaching out. What you suggest is actually already stated in the PA we both signed. I could now tell him to simply check with his CPA about it or to provide him with some basic information on what those forms are and how to file them, actually nothing more than what i learned from @retipsterseth on this subject (all info to be checked with his tax expert in any case). It would cost me a little effort and would make him probably happy (so far it was a pleasure to discuss business with him, otherwise I wouldn’t dare for sure…).
Whatever the decision though, I’m stll curious to understand, as I may find myself to file those same forms as seller if and when it will be the time and I’ll have the chance to sell in bulk too. When it will happen, my CPA will likely/hopefully take care of them but still…:grin: