topic Duplicate Real Estate Agent 1099-NEC in Get your taxes done using TurboTax

Duplicate Real Estate Agent 1099-NEC

ToTheMoon115 — Mon, 22 Mar 2021 02:52:05 GMT

I purchased a home and represented myself as the real estate agent to earn the commission. The broker I am under as well as the seller sent me a 1099-NEC. Is this normal? I don't think it makes sense to file both 1099-NEC since I didn't earn my commission twice. Any thoughts would be appreciated.

Re: Duplicate Real Estate Agent 1099-NEC

ColeenD3 — Mon, 22 Mar 2021 14:15:27 GMT

Enter them both on Schedule C to match what the IRS will receive. Then expense the second one as a duplicate payment. It will be a miscellaneous expense with an explanation.

Re: Duplicate Real Estate Agent 1099-NEC

ToTheMoon115 — Mon, 22 Mar 2021 22:10:57 GMT

Thank you for the quick reply. Will there be any issue if the two 1099-NEC are for different amounts claiming duplicate? One of the 1099-NEC is 50% lower because part of the real estate commission went to the buyer at closing. This difference was only reflected on one of the 1099-NEC.

Re: Duplicate Real Estate Agent 1099-NEC

DaveF1006 — Tue, 23 Mar 2021 01:08:16 GMT

You will only file the corrected 1099-NEC reflecting the 50% reduction of the commission.

Re: Duplicate Real Estate Agent 1099-NEC

Carl — Tue, 23 Mar 2021 01:13:34 GMT

Thank you for the quick reply. Will there be any issue if the two 1099-NEC are for different amounts claiming duplicate?

If the payer's TIN is the same on both of them, and only one of them has the "corrected" box check, then you can ignore the other one and only enter the one with the "corrected" box checked.

Re: Duplicate Real Estate Agent 1099-NEC

ToTheMoon115 — Tue, 23 Mar 2021 01:31:20 GMT

Neither of my 1099-NECs have void or corrected check.

Re: Duplicate Real Estate Agent 1099-NEC

Carl — Tue, 23 Mar 2021 01:35:40 GMT

Then enter both exactly as printed. Offset the one you need to "cancel out" by entering a miscellaneous expense and label it something like "dupl 1099 amt. already reported" and you'll be fine.