The short answer
| What it reports | Gross proceeds from the sale or exchange of real estate and certain royalty payments. |
|---|---|
| Amounts to report | Generally, $600 or more |
| To the recipient | February 15 |
| To the IRS, on paper | February 28 |
| To the IRS, electronically | March 31 |
If one arrives
Gross proceeds, not gain. The exclusion on a main home is claimed on your return; the form does not apply it for you.
The form is how a payer tells the IRS what it paid. Its absence is not permission — income you received is reportable whether or not a form covers it, and a threshold decides only who must file, never what you owe.
This page is for educational purposes only and does not constitute tax, legal, or financial advice. It covers United States federal reporting. Consult a qualified tax professional about your situation.