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1099 reporting to title companies
June 15, 2023
Q. I work for a county government and we sometimes make settlement payments to title companies when purchasing a taxpayer's home. These title companies also have attorneys as employees. If we make a home settlement payment to a title company that is a corporation, would this be 1099 reportable on form 1099-MISC in Box 10 "Gross Proceeds Paid to an Attorney?" Are payments for these types of settlements considered payments for legal services?
A.
(Answered by IOFM's third-party tax experts)
No,…
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