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Regrettably, the exact name of this document differs a fair bit from one state to another, so even though it serves the exact same standard function, it can seem a bit more complex than it really is. For instance: In Arizona, it's called an "Affidavit of Home Value" and it looks like this.

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In Maine, it's called a "Property Transfer Tax Statement" and it looks like this. In Hawaii, it's called a "Conveyance Tax Certificate" and it looks like this. In Nevada, it's called a "Statement of Worth" and it looks like this. If you're uncertain whether your state requires this kind, this video explains how you can figure it out You get the concept.

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IRS Kind 1099-S In numerous (though not all) situations, the individual accountable for closing the transaction is required to submit Kind 1099-S with the IRS. There are some exceptions where this form isn't required, but as a basic practice, if you're planning to help with the finalizing of these closing files yourself, it's a good idea to either: Intend on filing this type yourself.

Whether you submit the kind yourself or designate the other celebration to do so it's a relatively straightforward process (however it can take a little bit of discovering if you have actually never ever done it prior to). To get Check it Out about why the 1099-S is very important and how you can manage the filing process in your closings, have a look at this article.