<img src=https://nenpower.com/wp-content/uploads/2025/04/image-13842.webp alt=’What should I do if the seller doesn’t provide a time-of-sale report’ />
If the seller doesn’t provide a time-of-sale report, there are several steps you can take to ensure compliance with tax laws and maintain transparency in the transaction:
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<strong>Review the Contract</strong>: Check your sale contract to see if it specifies that the seller is responsible for providing the necessary reports.
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<strong>Contact the Seller</strong>: Reach out to the seller or their agent to request the report. Explain that you need this information for tax purposes and compliance.
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<strong>Seek Professional Help</strong>: Consult with a real estate attorney or tax professional who can guide you on necessary legal and tax reporting steps, especially if the seller is uncooperative.
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<strong>Gather Available Documents</strong>: Collect any available documents related to the sale, such as the deed, closing statement, and any correspondence with the seller.
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<strong>Report to the IRS</strong>: Even if you don't receive the report from the seller, you still need to report the sale on your tax return. Use Form 8949 for capital gains and Schedule D for capital gains and losses if applicable. If the property was used for business or rental, you may need Form 4797.
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<strong>Maintain Records</strong>: Keep detailed records of all interactions and attempts to obtain the report from the seller. This can be helpful if there are any future legal or tax issues.
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Remember, while the seller's role in providing certain documents is important, your responsibility to report the sale to the IRS remains unchanged.
Original article by NenPower, If reposted, please credit the source: https://nenpower.com/blog/what-should-i-do-if-the-seller-doesnt-provide-a-time-of-sale-report/
