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<p>Thanks. BTW, I had this issue come up last month but I
represented the buyers so I didn't dig into it. My only concern
was getting the parents to sign the FIRPTA because the kids had
thought they already had done a QCD beforehand and the parents
were not listed as sellers (and the listing agent apparently
didn't check before listing).</p>
<p>I really with the NWMLS would make an preliminary commitment
attached to the listing mandatory.<br>
</p>
<pre class="moz-signature" cols="72">Kary L. Krismer
206 723-2148</pre>
<div class="moz-cite-prefix">On 4/10/2021 7:29 PM, John J. Sullivan
wrote:<br>
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The 1099 is mechanical. In this case a week might suffice. Just an
old tax attorney habit to create some breathing room between steps
to avoid the IRS’s “step transaction” analysis.
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<div>I say a week because if mom really has no equity interest the
risk would seem pretty remote. </div>
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<div>John Sullivan. <br>
<br>
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<blockquote type="cite">On Apr 10, 2021, at 7:19 PM, Kary
Krismer <a class="moz-txt-link-rfc2396E" href="mailto:Krismer@comcast.net"><Krismer@comcast.net></a> wrote:<br>
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<div class="moz-cite-prefix">On 4/10/2021 6:46 PM, John J.
Sullivan, Esq. wrote:<br>
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<div class="WordSection1">Once that’s “old and cold,” the
sale by the daughter can close, be reported solely under
her SS# on the 1099 and assuming she has fulfilled the
ownership and residence rules should be able to apply
the full $250K exemption to 100% of the sale. This also
eliminates the complications of characterizing it as a
gift. <o:p></o:p>
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<p class="MsoNormal">John J. Sullivan<o:p></o:p></p>
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<p>Can you elaborate on aging the deed and how that matters
for 1099s? I was unaware of any connection beyond being
outside the escrow for sale.</p>
<pre class="moz-signature" cols="72">Kary L. Krismer
206 723-2148</pre>
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