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Get your taxes done using TurboTax
My husband received his commission as a credit on the HUD for the home we purchased that he was the Buyer's Agent for in 2021. He received a 1099 from his Broker. I read a lot about this question in the Community trying to find the correct answer as to whether this transaction was taxable income versus a non taxable credit on the purchase of the home where there should be an adjustment in the basis for the commission. I spoke with a CPA who informed me that my husband's commission was taxable income even though it was used as a credit on the purchase of the home, and there was no way around it. I feel that using the commission as a credit on the purchase of the home and thinking it is not taxable income is just wishful thinking. There is a lot of ambiguity in the subject, but no clearly defined rule as far as I can see.