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Get your taxes done using TurboTax
In my opinion, the Broker should have let Title handle that as a credit at closing, but I am not a Real Estate Attorney.
If the Broker/Agent received the funds, and then turned around and gave you a rebate, they might use Form 1099-MISC.
Explain to the Broker/Real Estate Agent that they should use 1099-MISC if they need to issue a tax form.
1099-NEC is for Non-Employee Compensation, which is another way of saying "Sub-Contractor Fees". Income on Form 1099-NEC needs to be reported as "Self-Employment Income" which in your situation it definitely is not.
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March 18, 2024
6:40 AM