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?
Personal Finance & Money Stack Exchange is a question and answer site for people who want to be financially literate. It only takes a minute to sign up.
Sign up to join this communityI intend to purchase real estate with cash from a family member via quitclaim.
What tax forms are we required to file reporting the sale?
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.