26 USC 6045 - Returns of brokers
Every person doing business as a broker shall, when required by the Secretary, make a return, in accordance with such regulations as the Secretary may prescribe, showing the name and address of each customer, with such details regarding gross proceeds and such other information as the Secretary may by forms or regulations require with respect to such business.
Every person required to make a return under subsection (a) shall furnish to each customer whose name is required to be set forth in such return a written statement showing
The written statement required under the preceding sentence shall be furnished to the customer on or before January 31 of the year following the calendar year for which the return under subsection (a) was required to be made.
For purposes of this section
The term broker includes
A person shall not be treated as a broker with respect to activities consisting of managing a farm on behalf of another person.
The term customer means any person for whom the broker has transacted any business.
The term barter exchange means any organization of members providing property or services who jointly contract to trade or barter such property or services.
The term person includes any governmental unit and any agency or instrumentality thereof.
If any broker
during the period such short sale or similar transaction is open, the broker shall furnish such customer a written statement (at such time and in the manner as the Secretary shall prescribe by regulations) identifying such payment as being in lieu of the dividend, tax-exempt interest, or such other item. The Secretary may prescribe regulations which require the broker to make a return which includes the information contained in such written statement.
In the case of a real estate transaction, the real estate reporting person shall file a return under subsection (a) and a statement under subsection (b) with respect to such transaction.
For purposes of this subsection, the term real estate reporting person means any of the following persons involved in a real estate transaction in the following order:
Any person treated as a real estate reporting person under the preceding sentence shall be treated as a broker for purposes of subsection (c)(1).
It shall be unlawful for any real estate reporting person to separately charge any customer for complying with any requirement of paragraph (1). Nothing in this paragraph shall be construed to prohibit the real estate reporting person from taking into account its cost of complying with such requirement in establishing its charge (other than a separate charge for complying with such requirement) to any customer for performing services in the case of a real estate transaction.
In the case of a real estate transaction involving a residence, the real estate reporting person shall include the following information on the return under subsection (a) and on the statement under subsection (b):
Paragraph (1) shall not apply to any sale or exchange of a residence for $250,000 or less if the person referred to in paragraph (2) receives written assurance in a form acceptable to the Secretary from the seller that
If such assurance includes an assurance that the seller is married, the preceding sentence shall be applied by substituting $500,000 for $250,000. The Secretary may by regulation increase the dollar amounts under this subparagraph if the Secretary determines that such an increase will not materially reduce revenues to the Treasury.
For purposes of this paragraph, the term seller includes the person relinquishing the residence in an exchange.
Any person engaged in a trade or business and making a payment (in the course of such trade or business) to which this subsection applies shall file a return under subsection (a) and a statement under subsection (b) with respect to such payment.
This subsection shall apply to any payment to an attorney in connection with legal services (whether or not such services are performed for the payor).