If I(28 year old single male) didn't work for 4 years so no income verification? If someone buys a house, does some entity report it to the IRS for any reason?
2007-06-05 11:03:42 · 4 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Probably not. I say probably because I don't know how you are going to pay for it. Banks and other financial institutions are required to report any transaction that involves a large sum of cash. I don't know what the limit might be for realestate but I am sure that you end up with a large deposit, or pay cash you could raise some questions.pp
2007-06-05 11:14:24 · answer #1 · answered by ttpawpaw 7 · 0⤊ 0⤋
Yeap the 1099 is sent out by the title company at the end of the year.
2007-06-05 18:08:17 · answer #2 · answered by newmexicorealestateforms 6 · 0⤊ 0⤋
Yes, it is reported to the IRS. They won't care if you aren't doing anything fraudulent. However, it is going to be tough getting a mortgage with that employment history.
2007-06-05 18:07:36 · answer #3 · answered by Landlord 7 · 0⤊ 0⤋
no. you should be fine. For all they know you could have stumbled across a pot of gold. I just got out of college and got a gift of money from my parents to help buy a house...and i havent had any problems!
2007-06-05 18:07:17 · answer #4 · answered by Anonymous · 1⤊ 0⤋