Hi Tipsters, waiting the outcomes from the Title Search on 15 infill lots that I currently have under contract (all from the same owner). If all goes as I hope, I will self close on all those in the incoming days (one Warranty Deed with all 15 Lots in it). With regards to the IRS Forms, as explained by @retipsterseth, I believe these forms are necessarily required, as we’re talking about 1 “bulk” purchase at 5K$ (> 600$). But here is where questions come…
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Being it only one transaction, is it required only one 1099, or, differently, being 15 different APN’s and Leg. Desc, 15 different 1099 are needed?
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in case one 1099 is required: how is the field on the address/leg desc (field nr 3) to be filled? (I doubt I can fit all 15 addresses in the field)
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in case fifteen 1099 are required: what price should I put on the purchase cost field (field nr 2), being that a purchase price for every single lot does not exist?
I tried to find the answer in the IRS page online but with no success. If a CPA - or anyone else who walked down this same road before me - could clarify I would appreciate it.
Thanks and you all have a great weekend!
A