LEO: Real Estate - Disclosing Information  LE Op. 906

 

Real Estate - Disclosing Information.

 

April 1, 1987

 

The Tax Reform Act of 1986 requires that closing attorneys in real estate

transactions report sales on form 1099B. When a certain number of these

forms are filed with the IRS, the IRS requires the forms be filed on

magnetic tape. It is not improper for an attorney to disclose the required

information to an outside organization to produce the 1099B forms on the

required tapes.

 

Committee Opinion April 1, 1987