Home › Forums › Closed Forums › Buying and Selling RE › Getting RE License for Myself
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urbanrealtor.
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August 10, 2008 at 9:08 PM #255760August 10, 2008 at 9:12 PM #255485
SD Realtor
ParticipantHi Rus –
Typically for figuring out the tax basis of your home (regardless of a sale or a purchase) you back out various line items from the HUD report. Obviously commissions is one of them. The line items on the HUD make it really quick and easy to pick out the items that you can deduct. For a purchase obviously you don’t have much there right? I mean you have financing costs and other things that you can amortize over time and by no means am I an accountant. If you are the seller then yeah you grab every single thing that your accountant will let you grab to knock down the sales price to reduce your gains when you do your sales price – original (or adjusted) cost basis.
August 10, 2008 at 9:12 PM #255659ParticipantHi Rus –
Typically for figuring out the tax basis of your home (regardless of a sale or a purchase) you back out various line items from the HUD report. Obviously commissions is one of them. The line items on the HUD make it really quick and easy to pick out the items that you can deduct. For a purchase obviously you don’t have much there right? I mean you have financing costs and other things that you can amortize over time and by no means am I an accountant. If you are the seller then yeah you grab every single thing that your accountant will let you grab to knock down the sales price to reduce your gains when you do your sales price – original (or adjusted) cost basis.
August 10, 2008 at 9:12 PM #255663ParticipantHi Rus –
Typically for figuring out the tax basis of your home (regardless of a sale or a purchase) you back out various line items from the HUD report. Obviously commissions is one of them. The line items on the HUD make it really quick and easy to pick out the items that you can deduct. For a purchase obviously you don’t have much there right? I mean you have financing costs and other things that you can amortize over time and by no means am I an accountant. If you are the seller then yeah you grab every single thing that your accountant will let you grab to knock down the sales price to reduce your gains when you do your sales price – original (or adjusted) cost basis.
August 10, 2008 at 9:12 PM #255722ParticipantHi Rus –
Typically for figuring out the tax basis of your home (regardless of a sale or a purchase) you back out various line items from the HUD report. Obviously commissions is one of them. The line items on the HUD make it really quick and easy to pick out the items that you can deduct. For a purchase obviously you don’t have much there right? I mean you have financing costs and other things that you can amortize over time and by no means am I an accountant. If you are the seller then yeah you grab every single thing that your accountant will let you grab to knock down the sales price to reduce your gains when you do your sales price – original (or adjusted) cost basis.
August 10, 2008 at 9:12 PM #255770ParticipantHi Rus –
Typically for figuring out the tax basis of your home (regardless of a sale or a purchase) you back out various line items from the HUD report. Obviously commissions is one of them. The line items on the HUD make it really quick and easy to pick out the items that you can deduct. For a purchase obviously you don’t have much there right? I mean you have financing costs and other things that you can amortize over time and by no means am I an accountant. If you are the seller then yeah you grab every single thing that your accountant will let you grab to knock down the sales price to reduce your gains when you do your sales price – original (or adjusted) cost basis.
August 10, 2008 at 9:22 PM #255499NotCranky
ParticipantSDR I can’t see a seller & seller’s agent countering off a commission and have never seen a listing that said RE licensee buyers will not be entitled to a commission. I am sure it could happen, or that is, someone could try it. I just don’t see that happening.There are obviously times when the agent/buyer might want the commission for post- down payment and escrow close, cash flow reasons.In this case though there is definitely going to be property tax in perpetuity and income tax due.
August 10, 2008 at 9:22 PM #255674ParticipantSDR I can’t see a seller & seller’s agent countering off a commission and have never seen a listing that said RE licensee buyers will not be entitled to a commission. I am sure it could happen, or that is, someone could try it. I just don’t see that happening.There are obviously times when the agent/buyer might want the commission for post- down payment and escrow close, cash flow reasons.In this case though there is definitely going to be property tax in perpetuity and income tax due.
August 10, 2008 at 9:22 PM #255678ParticipantSDR I can’t see a seller & seller’s agent countering off a commission and have never seen a listing that said RE licensee buyers will not be entitled to a commission. I am sure it could happen, or that is, someone could try it. I just don’t see that happening.There are obviously times when the agent/buyer might want the commission for post- down payment and escrow close, cash flow reasons.In this case though there is definitely going to be property tax in perpetuity and income tax due.
August 10, 2008 at 9:22 PM #255737ParticipantSDR I can’t see a seller & seller’s agent countering off a commission and have never seen a listing that said RE licensee buyers will not be entitled to a commission. I am sure it could happen, or that is, someone could try it. I just don’t see that happening.There are obviously times when the agent/buyer might want the commission for post- down payment and escrow close, cash flow reasons.In this case though there is definitely going to be property tax in perpetuity and income tax due.
August 10, 2008 at 9:22 PM #255785ParticipantSDR I can’t see a seller & seller’s agent countering off a commission and have never seen a listing that said RE licensee buyers will not be entitled to a commission. I am sure it could happen, or that is, someone could try it. I just don’t see that happening.There are obviously times when the agent/buyer might want the commission for post- down payment and escrow close, cash flow reasons.In this case though there is definitely going to be property tax in perpetuity and income tax due.
August 10, 2008 at 9:29 PM #255504ParticipantI was thinking specifically about 1099 type possibilities for the commission not being taken. For example the buyer/agent negotiates a deal and then has the 30K commission removed with an addendum in escrow or just doesn’t take the commission but lowers the price in negotiations instead.
August 10, 2008 at 9:29 PM #255679ParticipantI was thinking specifically about 1099 type possibilities for the commission not being taken. For example the buyer/agent negotiates a deal and then has the 30K commission removed with an addendum in escrow or just doesn’t take the commission but lowers the price in negotiations instead.
August 10, 2008 at 9:29 PM #255683ParticipantI was thinking specifically about 1099 type possibilities for the commission not being taken. For example the buyer/agent negotiates a deal and then has the 30K commission removed with an addendum in escrow or just doesn’t take the commission but lowers the price in negotiations instead.
August 10, 2008 at 9:29 PM #255741ParticipantI was thinking specifically about 1099 type possibilities for the commission not being taken. For example the buyer/agent negotiates a deal and then has the 30K commission removed with an addendum in escrow or just doesn’t take the commission but lowers the price in negotiations instead.
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