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1099 reporting of funds held in escrow
March 28, 2023
Q. We are paying a vendor and I asked the business to get the W-9 for the supplier. The business responded back with this statement:
These funds were sent to the attorney acting as the title company, for our Borrower. They held the funds in escrow for our Borrower and paid various invoices. They should not receive a 1099 for these funds.
Is it accurate that the attorney would not receive a 1099 for these funds? Or do we issue a 1099 and it is the attorney's responsibility to show they were…
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