5,773,367
This is a question for an accountant or a Financial guru. It has nothing to do with real estate practices. We are not accountants or attorneys. Your seller should see advice from pros. A
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Debe Maxwell, CRS
Charlotte, NC
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Doug Dawes
Topsfield, MA
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Jerry Thomas-Construct...
Farmington Hills, MI
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Kevin J. May
Hobe Sound, FL
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Pete Xavier
Pacific Palisades, CA
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Fred Griffin Florida R...
Tallahassee, FL
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Evelina Tsigelnitskaya
Sunny Isles Beach, FL
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Michael Jacobs
Pasadena, CA
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Bob "RealMan" Timm
Minot, ND
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Nina Hollander, Broker
Charlotte, NC
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Carol Williams
Wenatchee, WA
7,871,831
Do not expect the closing attorney to be involved in your personal tax returns.
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Debe Maxwell, CRS
Charlotte, NC
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Doug Dawes
Topsfield, MA
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Evelina Tsigelnitskaya
Sunny Isles Beach, FL
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Michael Jacobs
Pasadena, CA
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Bob "RealMan" Timm
Minot, ND
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Nina Hollander, Broker
Charlotte, NC
250,399
In Michigan, the title company sends the IRS a statement regarding the sale; the property, sale price, sale date, the seller and the buyer. It's up to the seller and buyer to follow up with the IRS.
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Debe Maxwell, CRS
Charlotte, NC
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Doug Dawes
Topsfield, MA
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Evelina Tsigelnitskaya
Sunny Isles Beach, FL
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Michael Jacobs
Pasadena, CA
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Bob "RealMan" Timm
Minot, ND
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Nina Hollander, Broker
Charlotte, NC
1,507,073
Consult your anonymous attorney and CPA.
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Debe Maxwell, CRS
Charlotte, NC
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Doug Dawes
Topsfield, MA
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Bob "RealMan" Timm
Minot, ND
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Kathleen Daniels, Prob...
San Jose, CA
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Michael Jacobs
Pasadena, CA
511,314
The closing attorney or title company should provide a Form 1099-S, Proceeds From Real Estate Transactions. It is then up to the seller or the sellers tax pro to determine if any tax liability exists.
See IRS Publication 523 Selling Your Home for more detail than your instructor will want.
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Debe Maxwell, CRS
Charlotte, NC
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Doug Dawes
Topsfield, MA
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Candice A. Donofrio
Fort Mohave, AZ
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Bob "RealMan" Timm
Minot, ND
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Michael Jacobs
Pasadena, CA
6,426,155
Not enough info here to answer, or enough time, lets start with what state are you in?
Do you have a broker?
Who is doing the closing?
Have you asked them any of these questions?
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Bob Crane
Stevens Point, WI
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Debe Maxwell, CRS
Charlotte, NC
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Doug Dawes
Topsfield, MA
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Bob "RealMan" Timm
Minot, ND
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Michael Jacobs
Pasadena, CA
2,403,205
The seller needs to talk to a tax professional.
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Debe Maxwell, CRS
Charlotte, NC
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Doug Dawes
Topsfield, MA
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Kathleen Daniels, Prob...
San Jose, CA
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Michael Jacobs
Pasadena, CA
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Evelina Tsigelnitskaya
Sunny Isles Beach, FL
2,684,769
Talk with a CPA, face to face, for the answer to your question.
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Debe Maxwell, CRS
Charlotte, NC
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Doug Dawes
Topsfield, MA
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Evelina Tsigelnitskaya
Sunny Isles Beach, FL
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Michael Jacobs
Pasadena, CA
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Bob "RealMan" Timm
Minot, ND
3,350,764
Great question for your seller to ask a CPA, Tax Attorney or other qualified professional.
Ask a closing attorney what they provide at closing.
We do not use attorneys in CA. Even if we did, I would not be answering this tax question. I do not have a license to give tax advice.
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Debe Maxwell, CRS
Charlotte, NC
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Doug Dawes
Topsfield, MA
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Michael Jacobs
Pasadena, CA
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Bob "RealMan" Timm
Minot, ND
1,153,794
No, although the IRS may provide such a document after filing.
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Debe Maxwell, CRS
Charlotte, NC
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Doug Dawes
Topsfield, MA
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Michael Jacobs
Pasadena, CA
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Bob "RealMan" Timm
Minot, ND
1,712,876
Ask them.
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Debe Maxwell, CRS
Charlotte, NC
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Doug Dawes
Topsfield, MA
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Bob "RealMan" Timm
Minot, ND
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Michael Jacobs
Pasadena, CA
381,787
In my experience the question gets asked at closing and the sellers signs a document stating that. If the answer is no they do indeed get a 1099. I'm sure different attorneys handle it differently though. But in my personal closings there is a form for that.
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Debe Maxwell, CRS
Charlotte, NC
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Doug Dawes
Topsfield, MA
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Bob "RealMan" Timm
Minot, ND
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Michael Jacobs
Pasadena, CA
431,162
Contact the closing attorney and have the seller contact their CPA. Their tax situation is different that every other filer, and we are not licensed to practice in those two fields.
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Debe Maxwell, CRS
Charlotte, NC
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Doug Dawes
Topsfield, MA
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Bob "RealMan" Timm
Minot, ND
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Michael Jacobs
Pasadena, CA
1,326,624
Our closings do not include attorneys...only escrow officers. A notice of the sale is reported to the taxing agency whether sold in more or less than two years. It is up to the seller to sort it out for tax filing purposes. Professional help is advised.
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Debe Maxwell, CRS
Charlotte, NC
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Doug Dawes
Topsfield, MA
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Bob "RealMan" Timm
Minot, ND
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Michael Jacobs
Pasadena, CA
5,063,430
You should seek advice from your tax professional on these matters, and tax docs might differ by state.
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Debe Maxwell, CRS
Charlotte, NC
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Doug Dawes
Topsfield, MA
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Bob "RealMan" Timm
Minot, ND
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Michael Jacobs
Pasadena, CA
5,583,328
that's a question for a CPA or a tax attorney... don't try to wear those hats... they won't fit...
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Debe Maxwell, CRS
Charlotte, NC
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Doug Dawes
Topsfield, MA
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Bob "RealMan" Timm
Minot, ND
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Michael Jacobs
Pasadena, CA
717,185
The seller should discuss this with their CPA.
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Debe Maxwell, CRS
Charlotte, NC
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Doug Dawes
Topsfield, MA
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Bob "RealMan" Timm
Minot, ND
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Michael Jacobs
Pasadena, CA
902,538
Attorney/accountant question and may depend on what state you are in as well.
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Debe Maxwell, CRS
Charlotte, NC
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Doug Dawes
Topsfield, MA
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Michael Jacobs
Pasadena, CA
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Bob "RealMan" Timm
Minot, ND
2,071,025
HUD and previous HUD and repairs to be submitted to CPA.
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Debe Maxwell, CRS
Charlotte, NC
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Doug Dawes
Topsfield, MA
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Michael Jacobs
Pasadena, CA
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Bob "RealMan" Timm
Minot, ND
1,598,452
No idea. Sorry. Ask CPA.
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Debe Maxwell, CRS
Charlotte, NC
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Doug Dawes
Topsfield, MA
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Michael Jacobs
Pasadena, CA
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Bob "RealMan" Timm
Minot, ND
5,117,178
I don't know. Check with a real estate attorney. I don't give out tax advice either for capital gains. Check with a tax specialist.
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Doug Dawes
Topsfield, MA
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Michael Jacobs
Pasadena, CA
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Evelina Tsigelnitskaya
Sunny Isles Beach, FL
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Bob "RealMan" Timm
Minot, ND
1,202,697
I would always consult a CPA regarding questions like this
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Debe Maxwell, CRS
Charlotte, NC
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Bob "RealMan" Timm
Minot, ND
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Doug Dawes
Topsfield, MA
3,416,038
The seller handles their own taxes, or hires an accountant. You need your tax focs when you bought and again when you sell.
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Debe Maxwell, CRS
Charlotte, NC
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Bob "RealMan" Timm
Minot, ND
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Doug Dawes
Topsfield, MA
2,459,743
I don't know, but I'm thinking the seller won't have much in terms of gains if they only purchased the home two years ago. At least in my area.
That's a good question for a tax expert.
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Debe Maxwell, CRS
Charlotte, NC
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Bob "RealMan" Timm
Minot, ND
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Doug Dawes
Topsfield, MA
1,625,383
Depends
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Debe Maxwell, CRS
Charlotte, NC
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Bob "RealMan" Timm
Minot, ND
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Doug Dawes
Topsfield, MA
1,242,204
HUD closing statement=> CPA
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Doug Dawes
Topsfield, MA
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Michael Jacobs
Pasadena, CA
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Bob "RealMan" Timm
Minot, ND
4,584,596
I like the answer provided by Ron and Alexandra.
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Debe Maxwell, CRS
Charlotte, NC
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Doug Dawes
Topsfield, MA
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Bob "RealMan" Timm
Minot, ND
5,246,557
Check with your accountant for the corect answer!
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Bob "RealMan" Timm
Minot, ND
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Doug Dawes
Topsfield, MA
4,800,132
It is probably the sellers' responsibility.
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Bob "RealMan" Timm
Minot, ND
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Doug Dawes
Topsfield, MA
4,434,177
Ask your accountant.
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Bob "RealMan" Timm
Minot, ND
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Doug Dawes
Topsfield, MA
3,071,589
1,045,440
While real estate agents may or may not know this.. unless they are certified tax professionals or CPA they shouldn't be asked this question. Ask a Tax Attorney, CPA etc.. and call them anonymously see if that helps
5,879,826
Title will send the government notice that there will be capital gains. How that works - call a CPA or an accountant.
3,986,308
1,093,547
This sounds state specific...most closings here are not handled by attorneys. If you are an agent, have your seller consult their CPA and tax attorney for help. If you are the seller,do the same.
5,258,986
In NC & SC, our attorneys require the form 1099-S be signed. The sellers are also advised to handle this matter with their CPA at that time as well.