- This topic has 120 replies, 9 voices, and was last updated 13 years, 11 months ago by
JBurkett19.
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March 3, 2011 at 1:59 PM #674020March 3, 2011 at 7:39 PM #672981
DataAgent
Participant[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?
March 3, 2011 at 7:39 PM #673041DataAgent
Participant[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?
March 3, 2011 at 7:39 PM #673652DataAgent
Participant[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?
March 3, 2011 at 7:39 PM #673789DataAgent
Participant[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?
March 3, 2011 at 7:39 PM #674135DataAgent
Participant[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?
March 3, 2011 at 7:41 PM #672986jimmyle
ParticipantWhat? 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]
March 3, 2011 at 7:41 PM #673046jimmyle
ParticipantWhat? 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]
March 3, 2011 at 7:41 PM #673657jimmyle
ParticipantWhat? 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]
March 3, 2011 at 7:41 PM #673794jimmyle
ParticipantWhat? 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]
March 3, 2011 at 7:41 PM #674140jimmyle
ParticipantWhat? 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]
March 3, 2011 at 7:52 PM #672991SD Realtor
Participanthehehehe –
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.
March 3, 2011 at 7:52 PM #673051SD Realtor
Participanthehehehe –
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.
March 3, 2011 at 7:52 PM #673662SD Realtor
Participanthehehehe –
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.
March 3, 2011 at 7:52 PM #673799SD Realtor
Participanthehehehe –
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.
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