Seller Agent Commission Kickback

[jimmyle]

Scarlett,

No, she is just the buyer agent. Actually, it was difficult for me to ask and I didn’t since she is my sis-in-law and I didn’t want to look like a cheap guy. I just take whatever she gives me.

[quote=Scarlett]Jimmy, was your agent a dual agent or not? I guess her being a relative makes it easier to hash things out :)[/quote]

[DataAgent]

[quote=jimmyle]I am getting a $5000 kick back from my agent. It is more than 1%. But my agent is my sis-in-law so she is being generous. Normally people get 0.5% to 1% depending on how much you are spending on the house.[/quote]

So are you planning to pay income tax on that $5000?

[DataAgent]

[quote=jimmyle]I am getting a $5000 kick back from my agent. It is more than 1%. But my agent is my sis-in-law so she is being generous. Normally people get 0.5% to 1% depending on how much you are spending on the house.[/quote]

So are you planning to pay income tax on that $5000?

[DataAgent]

[quote=jimmyle]I am getting a $5000 kick back from my agent. It is more than 1%. But my agent is my sis-in-law so she is being generous. Normally people get 0.5% to 1% depending on how much you are spending on the house.[/quote]

So are you planning to pay income tax on that $5000?

[DataAgent]

[quote=jimmyle]I am getting a $5000 kick back from my agent. It is more than 1%. But my agent is my sis-in-law so she is being generous. Normally people get 0.5% to 1% depending on how much you are spending on the house.[/quote]

So are you planning to pay income tax on that $5000?

[DataAgent]

[quote=jimmyle]I am getting a $5000 kick back from my agent. It is more than 1%. But my agent is my sis-in-law so she is being generous. Normally people get 0.5% to 1% depending on how much you are spending on the house.[/quote]

So are you planning to pay income tax on that $5000?

[jimmyle]

What? It didn’t enter my mind. Should I pay taxes on this?

[quote=DataAgent][quote=jimmyle]I am getting a $5000 kick back from my agent. It is more than 1%. But my agent is my sis-in-law so she is being generous. Normally people get 0.5% to 1% depending on how much you are spending on the house.[/quote]

So are you planning to pay income tax on that $5000?[/quote]

[jimmyle]

What? It didn’t enter my mind. Should I pay taxes on this?

[quote=DataAgent][quote=jimmyle]I am getting a $5000 kick back from my agent. It is more than 1%. But my agent is my sis-in-law so she is being generous. Normally people get 0.5% to 1% depending on how much you are spending on the house.[/quote]

So are you planning to pay income tax on that $5000?[/quote]

[jimmyle]

What? It didn’t enter my mind. Should I pay taxes on this?

[quote=DataAgent][quote=jimmyle]I am getting a $5000 kick back from my agent. It is more than 1%. But my agent is my sis-in-law so she is being generous. Normally people get 0.5% to 1% depending on how much you are spending on the house.[/quote]

So are you planning to pay income tax on that $5000?[/quote]

[jimmyle]

What? It didn’t enter my mind. Should I pay taxes on this?

[quote=DataAgent][quote=jimmyle]I am getting a $5000 kick back from my agent. It is more than 1%. But my agent is my sis-in-law so she is being generous. Normally people get 0.5% to 1% depending on how much you are spending on the house.[/quote]

So are you planning to pay income tax on that $5000?[/quote]

[jimmyle]

What? It didn’t enter my mind. Should I pay taxes on this?

[quote=DataAgent][quote=jimmyle]I am getting a $5000 kick back from my agent. It is more than 1%. But my agent is my sis-in-law so she is being generous. Normally people get 0.5% to 1% depending on how much you are spending on the house.[/quote]

So are you planning to pay income tax on that $5000?[/quote]

[SD Realtor]

hehehehe –

dont bring him down data…

Actually how you take the rebate will determine how your tax return is affected. If you take the income straight up then yeah it can and should be declared… Basically 1099 income.

However if you take the income inside escrow and use it to cover various closing costs then you will be okay. However do not try to double end it and actually use expense those closing costs that the rebate covered.

[SD Realtor]

hehehehe –

dont bring him down data…

Actually how you take the rebate will determine how your tax return is affected. If you take the income straight up then yeah it can and should be declared… Basically 1099 income.

However if you take the income inside escrow and use it to cover various closing costs then you will be okay. However do not try to double end it and actually use expense those closing costs that the rebate covered.

[SD Realtor]

hehehehe –

dont bring him down data…

Actually how you take the rebate will determine how your tax return is affected. If you take the income straight up then yeah it can and should be declared… Basically 1099 income.

However if you take the income inside escrow and use it to cover various closing costs then you will be okay. However do not try to double end it and actually use expense those closing costs that the rebate covered.

[SD Realtor]

hehehehe –

dont bring him down data…

Actually how you take the rebate will determine how your tax return is affected. If you take the income straight up then yeah it can and should be declared… Basically 1099 income.

However if you take the income inside escrow and use it to cover various closing costs then you will be okay. However do not try to double end it and actually use expense those closing costs that the rebate covered.

[Author]

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