Below is what my realtor is saying and would either deduct tax and give cash back or issue 1099:
If you did that to adjust the price or used towards closing cost then yes. its not as income.
In your case you used portion of it towards your closing costs, not to adjust your purchase price.
So the remaining amount will be taxable.
Here is situation:
From total cash back A, amount B was given towards closing cost and amount C is what realtor is supposed to give as cash. Per realtor amount C is subject to tax.
What happens if my realtor issues 1099, is there a way to make it non-taxable?
