Black River Title takes the worry out of compliance with IRS and NJ tax reporting requirements on proceeds from the sale or exchange of real property. As part of our closing and settlement services, Black River’s certified title professionals ensure that you and the IRS receive necessary information and appropriate forms in the required timeframe.
Tax regulations are constantly changing, and new IRS rules make closing agents like Black River Title responsible for reporting real estate sale proceeds on IRS Form 1099-S. The information reported on these forms includes:
Black River Title professionals also take care of additional reports that need to be submitted. In the state of NJ, there is a requirement that taxes be withheld when property exchanges involve non-resident sellers. Similarly, Form 1099-MISC may be required if payment for services of $600 or more resulted as part of a real estate sale.
Danny May, Certified Title Professional (CTP), and his team relieve commercial and residential real estate investors, homebuilders, lenders, and brokers from the responsibility of preparing, monitoring, and filing real estate sale documents. Operating in compliance with ALTA standards and adhering to CFPB best practices, the Black River Title team keeps property closings on track and on time. To request a NJ title search, discuss title services, or schedule your property closing, call 908-979-8982 or contact us confidentially online.