 |
|
| Browse | Ask | Answer | Search | Join/Login |
|
|
||||
|
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?
|
||||
|
||||
|
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 |
||||
| Question Tools | Search this Question |
Add your answer here.
Check out some similar questions!
My 12 year old son was hit and killed by a motorist. We received a settlement from the accident. Do I have to pay taxes on the money received?
My husband workd in SC and I work in NC. We live in NC. Why are we having to pay NC taxes and not SC?
Can I buy a used car in GA and pay GA taxes without paying taxes in my home state?
I'm an F-1 student, and I filed the form 1040NR-EZ. I entered the amount on my form 1042-S when filing out the form 1040NR-EZ used to calculate my taxes. The IRS reply came in the mail that said I owed them the amount calculated from my 1042-S. The problem is that my college said I owe them the...
My company transferred from NY to NJ mid 2006. I paid NY Sate taxes for 5 months and NJ Sate taxes for 7 months. I'm using Turbo tax and according to the State returns I owe too much. Can I claim back the amount I paid to NY on my NJ return? I do not see anywhere in Turbo Tax where I can do...
View more questions Search
|
