Hi,
How are you handling 1099-S forms for your self-closes? I realize after the fact that I needed to get these done for a few self-closes I did earlier this year. Do you request the sellers SSN in this case or send the forms to them? Should I send now or wait till the end of the year?
I’m not planning on doing a lot of self-close deals; I’d rather send it all to title. But how do you choose to do it with your self-close deals?
Thanks!
@freesiapropco if you’ve missed this in the past, I wouldn’t stress out too much about it. Just establish a good system for getting them done on any future self-closings you do.
I missed a bunch of these early in my land investing career and it has never come back to haunt me. It’s one of those best practices I think, and it’ll probably catch up to you eventually if you self-close thousands of deals without doing this, but in reality, it’s not nearly as important as getting your other details and documentation correct (like the deed, for instance).