Tag: Form 1099-S
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What Is an “Implied Life Estate” and Why Should Heirs Know?
Our readers will recall that creating a life estate is a way to divide property ownership, with a resident keeping a home throughout their lifetime and then passing a “remainder interest” on to someone else upon death. When the person who lives in the home passes away, the owner of the remainder interest may have…
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Capital Gains: Were Profits on Your 2023 Home Sale EXEMPT? Head Form 1099-S Off at the Pass.
People who sold their homes in 2023, after living in them for a while and enjoying their low mortgage rates, have seen big gains in their property values. Fortunately, most of these gains won’t be taxed. If you sold a home in 2023, your lender or broker may give you Form 1099-S. Federal law requires…
