1099 Misc received due to part of our Realtor's commission being rebated
I wanted to know if we have to show the realtor's commission rebate as income and if we do is there anyway to show any expenses from the sale against the rebate. We originally paid 4.5% commission to have our house sold. Three percent was given to the realtor of the buyer and the other 1.5% was given to our realtor. We later bought a more expensive home which our same realtor then received a 3% commission from the builder. After the sale of our original home was finalized, the realtor sent us a rebate check for 3% of the sale of that home.