Statement should include explanation of IRS forms
and a description of when each is applicable.
DPOR correlations: 18VAC135-20-400. 13 (Taxes in real estate); 18VAC135-20-400. 22 (Regulatory statutes); 18VAC135-20-400. 23 (Housing legislation); 18VAC135-20-400. 24 (Fair housing statutes)
Process/Skill Questions:
- Who is required to report real estate transactions on IRS forms 1098, 1099, and 1099-S?
- What are the benefits of using standardized forms (IRS forms 1098, 1099, and 1099-S)?
- What is the procedure used in reporting real estate transactions?
- Who should real estate agents contact with questions regarding IRS reporting requirements?
- What are the different ways real estate agents can work in Virginia? How are they classified?
- Do real estate agents have varying tax benefits and costs? Whom could answer these questions for a real estate agent?