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I intend to purchase real estate with cash from a family member via quitclaim.

What tax forms are we required to file reporting the sale?

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  • Don't forget to file all the non-IRS forms: the local government wants to know who owns the property. Of course if the "owner" isn't really the owner the quitclaim deed is worthless.
    – mhoran_psprep
    Jan 25, 2015 at 13:53
  • @mhoran_psprep Right. In this case the title issue is pretty well established due to court action.
    – Matthew
    Jan 25, 2015 at 17:18

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For the buyer - none (except for, potentially, 1099-S - see below). For the seller, it goes on form 8949, and from it to Schedule D. Depending on the seller's situation, additional filings and forms may be required (depreciation recapture, passive losses recovery, primary residence exclusion, gift tax, etc etc).

If you're not going through a regular transaction via a title/escrow company or a broker, then you do need to provide 1099-S to the seller.

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  • Are you certain I don't need to provide a 1099-S?
    – Matthew
    Jan 25, 2015 at 5:28
  • You're right, you do.
    – littleadv
    Jan 25, 2015 at 6:25

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