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-   -   Paying Taxes as a Realtor (https://www.askmehelpdesk.com/showthread.php?t=635704)

  • Feb 13, 2012, 12:05 PM
    jbk99
    Paying Taxes as a Realtor
    My broker will not supply me with a w2, nor 1099. He said since I was paid my commission out of escrow he doesn't have to supply me a w2. I asked the escrow company if they would provide me a w2 and they said they will not either. I made about over $30,000 last year and have no proof to report income to IRS. Do I guestimate the amount on a Schedule C? Is this the only way to show income and what is to prevent self employed realtors from only claiming a portion of income if there is no paper trail?
  • Feb 13, 2012, 12:35 PM
    ebaines
    Technically the broker on the selling side pays the commission to the buyer's real estate agent, and consequently if the amount is greater than $600 the selling broker is required to provide a 1099-MISC to the buyer's agent. The fact that the cash was in escrow doesn't matter. This site explains it better than I can:
    IRS Rule about 1099's

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