I am a broker. I offer my clients a commission rebate. I understand they don't report is as income and i don't issue a 1099. My question is where do I report the rebate on turbo tax?
I understand that the 1099 i get from the closer, or selling company may reflect may only reflect the commission i received and therefore i do not report the rebate on my taxes.
If the 1099 shows the total commission paid to me and not the rebate then where do i enter the rebate on my tax form
sorry long stuff to ask a simple question
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You should be able to deduct the amount of the rebate as a business expense (most likely on Schedule C if you file as a sole proprietor).
Refer to the thread below for more details, but the "Other expenses" category can be used for this purpose.
You should be able to deduct the amount of the rebate as a business expense (most likely on Schedule C if you file as a sole proprietor).
Refer to the thread below for more details, but the "Other expenses" category can be used for this purpose.