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Level 3

Intent to earn money 1099 MISC for own home purchase

Hi,

I'm a real estate agent who recently purchased a new home for myself.  I wanted to contribute all my commission proceeds as a rebate to my (buyer).   Unfortunately, the lender said i could contribute only some amount and not all.  I got a 1099-MISC from my broker for the amount that i had left that I couldn't contribute.  Is this considered "intent to earn money"?

 

Thanks for your help in advance.

1 Comment
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Employee Tax Expert

Intent to earn money 1099 MISC for own home purchase

Yes, in your situation it would be.   It should be included on your Schedule C since it is income doing an activity from your profession.