The federal government says it’s cracking down on the $1 trillion market for real estate sales online.
The Internal Revenue Service announced Tuesday that it’s starting to crack down on online sales of real estate across the country.
The IRS will now require online sales and transactions of all property from $500,000 to $10 million to be reported online.
In order to get caught up on the new rules, you’ll need to log into the IRS website at https://www.irs.gov/irbsource/realestate-tax-exemption.IRS Secretary Robert Shrum said online sales will be subject to a “reasonable time limitation” that will range from 30 days to one year.
That time limit is up to the IRS to adjust for time zones and other factors.
The IRS is also looking into whether online sales are being conducted on behalf of a real estate company.
The agency says that can be a violation of the law.
There are other rules, too.
The tax agency said that you should file your return with the tax agency in your home state or local jurisdiction, or in person.
You should also keep copies of all documents that you submit with your online transactions.