Home › Forums › Other › OT – Seller incentives taxable income? › I’m not a tax expert. Did you
I’m not a tax expert.
Did you receive a 1099 from the builder for any seller concessions? If so, you probably DO need to claim these “concessions” as income.
On your settlement statement at closing, are these concessions shown to be paid by the buyer or seller?
In case of an audit, you probably can’t prove YOU paid the up-front PMI premium. It all depends on how the HUD-1 is worded.
