3638742
Owning a real estate business who received commissions for real estate transactions. The business paid the commissions to me. Those commissions are entered in the business income section. Now for the personal income, do I enter those payments as income on the personal income section? When I do, it adds the income back to my business side as well, basically doubling the income shown on the business portion.
You'll need to sign in or create an account to connect with an expert.
What kind of business is this? Are you filing Schedule C ?
Real Estate Business. Yes Schedule C. Already input (imported) my business income and expenses. On the personal income, it is asking for 1099-NEC, when I enter it, it duplicates/adds that amount to the business income on schedule C.
Schedule C is a Sole-Proprietorship.
A Sole-Proprietor is a "pass-through" tax entity, meaning the income on the Schedule C is your income.
A Sole-proprietorship can have employees, but the owner (you) cannot be an employee, you are Self-Employed.
If the Title Company sends you a 1099-MISC or 1099-NEC, you enter that as business income.
If you pay agents, you report their yearly payment using 1099-NEC and they enter that income on their Schedule C.
You also report expenses.
The result is your income, you don't issue an income document (1099-NEC) to yourself.
The income on the schedule C flows to Schedule 1 and then flows to your 1040 line 8.
HERE is a link with more information.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
ripepi
New Member
RE-Semi-pro
New Member
RyanK
Level 2
gobedoer
New Member
DennisK1986
Level 2