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What is real estate bond refund?

What is real estate bond refund?

A real estate bond refund refers to the return of funds that were previously posted as a bond, typically as a guarantee that a real estate developer or contractor will complete a project as agreed upon. The bond may be refunded if the project is completed according to the terms outlined in the bond agreement, or if the bond is no longer needed because the project has been canceled or abandoned. The process of getting a bond refund can vary depending on the type of bond and the specific circumstances.

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Is the refund from a buyer's agent taxed?
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AliA AliA | 1 year ago
According to the IRS, Form 1099-MISC is not required. A commission (aka cash) refund is technically a price modification and hence not taxable income for the buyer. This is the ideal method to tackle the problem when the buyer subtracts the sum of the rebate from the base price of the house. However, because conditions are seldom general, you should double-check with your accountant.
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AliA AliA | 1 year ago
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AliA AliA | 1 year ago
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