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1099 reporting to a title company?
March 3, 2023
Q. Our university is buying real estate. In this process, we are paying the costs to the title company. Are we required to send the title company a 1099?
A.
(Answered by IOFM's third-party tax experts)
No, you do not file a Form 1099 reporting the title company. The title company handles the purchase money as a fiduciary, not as the recipient of income taxable to it.
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