Posted by William Bronchick on May 03, 2004 at 21:24:04:
Technically, the closing agent is required to file IRS form 1099s. But, this rule is rarely enforced, particularly for a kitchen table closing. The penalty is modest, a small fine. In any event, the seller is generally selling his principal residence, which is often exempt from reporting anyway.
sub2 closing/ irs reporting - Posted by joe
Posted by joe on May 03, 2004 at 11:42:46:
I am educating an attorney on sub2 now. He is very open minded and willing. The one thing he brought up was reporting to the irs. (i assume 1099) Is this a requirement if i do a kitchen table closing myself? Or close a sub2 at his office? Thanks, as i have no clue on irs reporting responsibilities!!
Joe