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Is the refund from a buyer's agent taxed?

Is the refund from a buyer's agent taxed?

According to the IRS, Form 1099-MISC is not required. A commission (aka cash) refund is technically a price modification and hence not taxable income for the buyer. This is the ideal method to tackle the problem when the buyer subtracts the sum of the rebate from the base price of the house. However, because conditions are seldom general, you should double-check with your accountant.

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Is the refund from a buyer's agent taxed?
Is the refund from a buyer's agent taxed?
Is the refund from a buyer's agent taxed?
Is the refund from a buyer's agent taxed?
AliAbbasi AliAbbasi | 1 year ago
According to the IRS, Form 1099-MISC is not required. A commission (aka cash) refund is technically a price modification and hence not taxable income for the buyer. This is the ideal method to tackle the problem when the buyer subtracts the sum of the rebate from the base price of the house. However, because conditions are seldom general, you should double-check with your accountant.
According to the IRS, Form 1099-MISC is not required. A commission (aka cash) refund is technically a price modification and hence not taxable income for the buyer. This is the ideal method to tackle the problem when the buyer subtracts the sum of the rebate from the base price of the house. However, because conditions are seldom general, you should double-check with your accountant.
What is real estate rebate and how can I get rebate from my agent?
What is real estate rebate and how can I get rebate from my agent?
What is real estate rebate and how can I get rebate from my agent?
What is real estate rebate and how can I get rebate from my agent?
AliAbbasi AliAbbasi | 1 year ago
A real estate rebate is a financial incentive offered to a buyer by a real estate agent, where a portion of the commission earned by the agent is returned to the buyer. The rebate can be a fixed amount or a percentage of the commission. The amount of the rebate can vary depending on the specific deal and the agent's agreement with their brokerage firm.To get a rebate from your agent, you would need to discuss this with them directly. Some agents may offer rebates as a standard practice, while ot...
A real estate rebate is a financial incentive offered to a buyer by a real estate agent, where a portion of the commission earned by the agent is returned to the buyer. The rebate can be a fixed amount or a percentage of the commission. The amount of the rebate can vary depending on the specific deal and the agent's agreement with their brokerage firm.To get a rebate from your agent, you would need to discuss this with them directly. Some agents may offer rebates as a standard practice, while ot...