{"id":1457,"date":"2020-10-14T16:49:04","date_gmt":"2020-10-14T16:49:04","guid":{"rendered":"http:\/\/brts.sitepreview.pro\/?page_id=1457"},"modified":"2020-10-31T14:21:22","modified_gmt":"2020-10-31T14:21:22","slug":"1099-tax-reporting","status":"publish","type":"page","link":"http:\/\/brts.sitepreview.pro\/?page_id=1457","title":{"rendered":"1099 Tax Reporting"},"content":{"rendered":"<section class=\"ffb-id-4cmnp8do fg-section fg-text-dark\"><div class=\"fg-container container-fluid fg-container-fluid fg-container-lvl--1 \"><div class=\"fg-row row    \" ><div class=\"ffb-id-4cmnp8dp fg-col col-xs-12 col-md-12 fg-text-dark\"><div class=\"ffb-id-4cmnpsce fg-container container fg-container-large fg-container-lvl--2  fg-text-dark\"><div class=\"ffb-id-4cmnpv49 fg-row row     fg-text-dark\"><div class=\"ffb-id-4cmnpvlr fg-col col-xs-12 col-md-8 fg-text-dark\"><h2 class=\"ffb-id-4cmnq3mv fg-heading text-center    fg-text-dark\">1099 TAX REPORTING IN NJ<\/h2><p class=\"ffb-id-4cmnqcfg fg-paragraph text-left    fg-text-dark\">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\u2019s certified title professionals ensure that you and the IRS receive necessary information and appropriate forms in the required timeframe.<\/p><h3 class=\"ffb-id-4cmnqls8 fg-heading text-left    fg-text-dark\">REQUIREMENTS FOR 1099 REPORTING NJ<\/h3><p class=\"ffb-id-4cmnqv32 fg-paragraph text-left    fg-text-dark\">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:<\/p><div class=\"ffb-id-4cmnr9tm fg-paragraph ff-richtext text-left    fg-text-dark\"><\/p>\n<ul>\n<li>Name, address &amp; tax identification number of the seller(s)<\/li>\n<li>General description of property sold<\/li>\n<li>Transaction closing date<\/li>\n<li>Gross proceeds of the sale<\/li>\n<li>Any property that was exchanged as part of the transaction<\/li>\n<li>Name, address &amp; tax ID of the settlement agent<\/li>\n<li>Prepaid taxes that may have been refunded to the seller<\/li>\n<\/ul>\n<p><\/div><p class=\"ffb-id-4cmntftl fg-paragraph text-left    fg-text-dark\">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.<\/p><h4 class=\"ffb-id-4cmnt4o0 fg-heading text-left    fg-text-dark\">Trusted NJ Real Estate Closing Agents<\/h4><div class=\"ffb-id-4cmntnpc fg-paragraph ff-richtext text-left    fg-text-dark\"><\/p>\n<p>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 <a href=\"http:\/\/brts.sitepreview.pro\/?page_id=1496\">contact us<\/a> confidentially online.<\/p>\n<p><\/div><\/div><div class=\"ffb-id-4cmnq0ii fg-col col-xs-12 col-md-4 fg-text-dark\"><div class=\"ffb-id-4cmnu2p1 ffg-empty-space fg-text-dark\"><\/div><h3 class=\"ffb-id-4cmnvn66 fg-heading text-center    fg-text-dark\">REAL ESTATE CLOSING &amp; SETTLEMENT<\/h3><p class=\"ffb-id-4cmnvv8m fg-paragraph text-center    fg-text-dark\">1099 TAX REPORTING<\/p><div class=\"ffb-id-4cmo0lku fg-paragraph ff-richtext text-center    fg-text-dark\"><\/p>\n<p><a href=\"http:\/\/brts.sitepreview.pro\/?page_id=1459\">1031 EXCHANGES<\/a><\/p>\n<p><\/div><div class=\"ffb-id-4cmo0sdv fg-paragraph ff-richtext text-center    fg-text-dark\"><\/p>\n<p><a href=\"http:\/\/brts.sitepreview.pro\/?page_id=1151\">TITLE INSURANCE &amp; TITLE SEARCH SERVICES<\/a><\/p>\n<p><\/div><div class=\"ffb-id-4cmo13q7 fg-paragraph ff-richtext text-center    fg-text-dark\"><\/p>\n<p><a href=\"http:\/\/brts.sitepreview.pro\/?page_id=1214\">PROPERTY SURVEYS<\/a><\/p>\n<p><\/div><div class=\"ffb-id-4cmo1c3c fg-row row     fg-el-has-bg fg-text-dark\"><span class=\"fg-bg\"><span data-fg-bg=\"{&quot;type&quot;:&quot;color&quot;,&quot;opacity&quot;:1,&quot;color&quot;:&quot;#ffffff&quot;}\" class=\"fg-bg-layer fg-bg-type-color \" style=\"opacity: 1; background-color: #ffffff;\"><\/span><\/span><div class=\"ffb-id-4cmo1dmu fg-col col-xs-12 col-md-4 fg-text-dark\"><\/div><div class=\"ffb-id-4cmo1edo fg-col col-xs-12 col-md-4 fg-text-dark\"><img class=\"ffb-id-4cmo1kmt fg-image  img-responsive full-width fg-text-dark\" src=\"http:\/\/brts.sitepreview.pro\/wp-content\/uploads\/2020\/10\/cta-5.png\" alt=\"cta-5\"><\/div><div class=\"ffb-id-4cmo1elu fg-col col-xs-12 col-md-4 fg-text-dark\"><\/div><div class=\"ffb-id-4cmo1faj fg-col col-xs-12 col-md-12 fg-text-dark\"><h3 class=\"ffb-id-4cmo1t8g fg-heading text-center    fg-text-dark\">BEGIN YOUR TITLE SEARCH.<\/h3><p class=\"ffb-id-4cmo277g fg-paragraph text-center    fg-text-dark\">Fast. Affordable. Comprehensive.<\/p><div class=\"ffb-id-4cmo2isr buttons-el-wrapper text-center    fg-text-dark\"><a href=\"http:\/\/brts.sitepreview.pro\/?page_id=1073\" class=\"ffb-block-button-1-0 ffb-btn ffb-btn-v1 ffb-btn-link  btn-base-brd-slide btn-slide  btn-base-md    btn-w-auto fg-text-dark ffb-button1-1\"><span class=\"btn-text\">START NOW<\/span><\/a><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/section><style>.ffb-id-4cmnp8do{ margin-top: 20px;padding-top: 10px;padding-right: 10px;padding-bottom: 10px;padding-left: 10px;}.ffb-id-4cmnp8do{ border: 5px solid } !important;}.ffb-id-4cmnpv49{ margin-right: 10px;}.ffb-id-4cmnp8dp .ffb-id-4cmnq0ii{ padding-right: -5px;}.ffb-id-4cmnpv49 .ffb-id-4cmo1c3c{ margin-top: 10px;padding-top: 5px;padding-left: 5px;}.ffb-id-4cmnp8dp .ffb-id-4cmnq0ii .ffb-id-4cmo1faj{ margin-right: 15px;}.ffb-id-4cmo2isr .ffb-button1-1.ffb-block-button-1-0.btn-base-brd-slide{ color:#ffffff;}.ffb-id-4cmo2isr 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