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Deductions & credits
@jerridelahanty wrote:
If the buyer credit was not reported on the Hud-1 and was paid by the Realtor Group directly to the buyer, would the Realtor Group issue a 1099 to the buyer?
That doesn't sound like a seller credit, that sounds like a discount or rebate of the commission. Discounts are not taxable income to the person receiving the discount. However, business rules probably require that the real estate agent issue a 1099-MISC if the amount is more than $600. It would be up to the buyer/taxpayer to report that as non-taxable on their tax return.
‎January 16, 2025
1:00 PM