Ordinarily, a loan is not considered income to the recipient because there is implied in each loan a promise to repay. However, in your case, it appears that you did not repay the loan with separate funds, but rather you directed or authorized the Real Estate Company to deduct the balance of your outstanding loan against commissions owed to you. If the Real Estate Company did not reduce your commissions by the outstanding loan amount, we assume they would have paid your commissions in full, and thereafter, you would have used your commissions to repay the loan. Based on these facts, it appears that the 1099 (Misc or NEC) issued to you that reflects all the commissions you earned, including the commissions that were deducted by the Real Estate Company to pay-off your loan, is accurate.
@bp1962
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
