Closing Statements and 1099

[Chandu Batata]

Hi ,

I have a question regarding with regards to 1099 on a closing done in August 2017 of last year. My CPA is also confused.

When the closing disclosure was prepared, I requested the Title Company to make a cashier check payment of $20,000 to Company X from the proceeds. So the Title Company issued a check of $20,000 to Company X..

My question is "Do I need to issue a 1099 to Company X?" As per my understanding, I know I am not suppose to issue 1099's for Real Estate Brokers. However, I am not sure on this.

Please advise.

Thank You

[Alex Deacon]

@Chandu Batata to be quite frank if your CPA doesnt know the answer you need to find a new CPA. I have one here in Pittsburgh that could surely help. I consider him one of the best in the area of Real Estate investment. You need to surround yourself with experts, pay them well and rely on their expertise to help you grow and prosper.