Real Estate Commission - What to do?

This is the front porch of our forum. Pull up a chair, and talk about whatever's on your mind.
Post Reply
howbaker1
Posts: 1
Joined: Thu Apr 12, 2018 11:20 pm

Real Estate Commission - What to do?

Post by howbaker1 »

Hello, I bought a house where my buyer's agent agreed to give me back 2% of the 3% Buyer's agent commission. This was a separate agreement between her and me and it was not on the HUD-1 form. My agent worked for a broker and the broker issued to her a 1099 form for the full 3% of her commission. My agent kept a portion of the 2% by saying that it is her taxable income and did not return the full 2% to me. Is this correct? How should she handle the 2% that was to be returned to me? Should this be treated as a business expense on her tax forms? Please help. Thank you.
Dgflorida
Posts: 4381
Joined: Wed Oct 07, 2015 8:10 pm

Re: Real Estate Commission - What to do?

Post by Dgflorida »

These questions should be handled by a professional tax person, in my opinion. Since this is 2018, there are a lot of new tax rules. Consult a professional.
Post Reply