If you’re selling your home, you might be surprised to learn that certain information regarding the sale must be reported to the IRS. This requirement stems from the Tax Reform Act of 1986 and is meant to ensure compliance with tax laws and to assist the IRS with audits. To make the process easier for you, here’s a clear explanation of what to expect when selling your property: Who is Responsible for Reporting the Sale to the IRS?According to IRS guidelines, the seller’s gross … [Read more...]