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All Forum Posts by: Chandu Batata

Chandu Batata has started 1 posts and replied 1 times.

Tax, SDIRAs & Cost Segregation

Post: Closing Statements and 1099

Chandu BatataPosted
  • Flipper
  • Tallahassee, FL
  • Posts 1
  • Votes 0

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

0 Votes