2007-03-03 03:17:22 · 4 answers · asked by Gaf555 1 in Business & Finance ➔ Renting & Real Estate
Both you and the title company. The title company will send a 1099 to the IRS and a copy to you. You report the sale on your tax return, and if you don't the IRS will know about it (because they got notified of the sale by the title company).
2007-03-08 13:40:13 · answer #1 · answered by SndChaser 5 · 0⤊ 0⤋
Your question is a little unclear. Are you selling an investment property or are you the buyer? In either case, the Title company records the transfer of title and reports gains by issuing a HUD-1. If you are the seller, depending on how long you've held the property and your status under IRS rules for Real Estate Professionals, you will either be subject to a capital gain of 15% or taxation based on your personal income. You can defer the taxes if you plan to do a 1031 Exchange or shelter the property in some other way. We suggest that you first contact a CPA before reporting any income generated from the sale.
2007-03-07 10:21:45 · answer #2 · answered by Jay S 3 · 0⤊ 0⤋
The title company will report it to the IRS. Also, the investor had better do it.
2007-03-04 19:05:51 · answer #3 · answered by teran_realtor 7 · 0⤊ 0⤋
It is reported to the county through recordings when mortgage transactions close
2007-03-11 03:01:01 · answer #4 · answered by Hiddendepths 1 · 0⤊ 0⤋