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Payments made to a title company
January 30, 2023
Q. We are a county government and there is a highway expansion project in progress that is displacing multiple residents. This is requiring them to move and acquire a new home. We have made payments to a title company (Partnership type LLC), which is a 1099-reportable entity. The payments were partially for mortgage costs for the purchase of a new home, closing costs on the new home and an interest differential. We paid the interest differential because the interest rate on the loan for their…
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