Escrow & Title
In Kansas, an IRS Form 1099-S at closing reports:
AThe real estate agent's commission income
BThe seller's gross proceeds from the real estate sale to the IRS✓ Correct
CThe buyer's mortgage origination fees
DProperty tax payments made during the year
Explanation
IRS Form 1099-S is filed by the closing agent to report the seller's gross proceeds from the real estate transaction to the IRS.
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Key Terms to Know
Closing Costs
Fees and expenses paid by the buyer and/or seller at the closing of a real estate transaction, in addition to the property's purchase price.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Short SaleA sale of real property where the sale proceeds are less than the outstanding mortgage balance, requiring lender approval.
Debt-to-Income Ratio (DTI)A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
Math Concepts
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