Proceeds From Real Estate Transactions. This form is used by individual taxpayers to report the sale or exchange of real estate in a given year. Taxpayers are required to report any transaction that consists in whole or in part of the sale or exchange for money, indebtedness, property, or services of any present or future ownership of improved or unimproved land (this includes air space), inherently permanent structures, a condominium unit and its appurtenant fixtures and common elements, and stock in a cooperative housing corporation.