Do i have to pay income tax on the commission i made buying my own house?

Asked by Steve, Michigan Wed Mar 9, 2011

I am a realtor and I represented myself when purchasing my own house last year. I made a commission on the transaction. Do I now have to pay income tax on that commission, even though it was to buy my own house?

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Tim Moore, Agent, Kitty Hawk, NC
Wed Mar 9, 2011
Yes Sir you sure do have to pay it - Income is income and that is why I ask for a reduction in the price and offset it with no commission, on my side, to avoid the tax when I buy real estate.
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Michael Emery, , Minneapolis, MN
Wed Mar 9, 2011
If you received a 1099 for the transaction, then you probably would owe taxes on the sale. Any income over $600.00 is reportable to the IRS. Check with a tax professional to be absolutely sure.
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