Real Estate agent tax queston

Asked by Gardencommander, Aliso Viejo, CA Tue Oct 9, 2012

I sold a short sale listing. The buyer was haggling over the price, especially since the "as is" property needed septic work. The 2 agents contributed $500 towards the costs, and they were taken out of commission at the table. 1099 States total commission price. How do I handle the monies not received, since I contributed back to buyer this amount?

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5
Lori Hanson, Agent, Aliso Viejo, CA
Tue Oct 9, 2012
You do have an accountant doing your taxes correct? If so tell them just what you just said and they will take it from there.
0 votes
Steven Ornel…, Agent, Fremont, CA
Tue Oct 9, 2012
Gardencommander:

Building on Lance's comment: submit the closing statement as evidence and request a corrected 1099 from the Broker's office. You never received the $500 so I'm not sure it would qualify as a deducible expense.

-Steve
0 votes
Theresa Vinc…, Agent, Aliso Viejo, CA
Tue Oct 9, 2012
I would say to take your paper trail regarding this issue to your tax person at the end of the year. Just guessing you may be able to write it off as a "cost of sale" . Only your accountant or tax person can confirm.
0 votes
Lance King, Agent, San Francisco, CA
Tue Oct 9, 2012
Use the closing statement as evidence
0 votes
Meredith Dre…, Agent, Aliso Viejo, CA
Tue Oct 9, 2012
It is really best for you to pose your question to your tax advisor. It's outside the scope of expertise for a Realtor to answer.

Best of luck.
-Meredith
Web Reference:  http://Www.meredithdrews.com
0 votes
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