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1099 reporting of reimbursement for repairs at real estate closing
January 17, 2022
Q. We (seller) reimbursed the buyer of a property $10,000 for repairs. Check was submitted at closing to buyer for repairs to the house.
We have a signed seller's inspection response form which indicates: In lieu of any and all repairs the buyer accepts the property "as is" and the seller will provide a certified check in the amount of $10,000 to the buyer at closing.
I have this buyer on my 1099 reporting list to report the $10K. What would be appropriate box for this payment? Box 3 - Other…
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