1099 question

I am a real estate broker and my agent closed a transaction last year. Escrow issued my RE agent his portion of the closed transaction directly and my portion of the transaction directly. Do I still have to 1099 my agent, although I did not pay him from my account? Also, I did not receive 1099 for the money I received from the transaction.

posted

You don't need to issue your agent a Form 1099 since you did not pay him. You do need to enter the proceeds you received as income on your tax return, even though you did not receive a form 1099.

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