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Level 2

Broker commission rebate.

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

 

Stay safe

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Accepted Solutions
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Level 15

Broker commission rebate.

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.

 

https://ttlc.intuit.com/community/taxes/discussion/is-a-commission-rebate-taxable-to-buyer-s-agent-m...

View solution in original post

1 Reply
Highlighted
Level 15

Broker commission rebate.

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.

 

https://ttlc.intuit.com/community/taxes/discussion/is-a-commission-rebate-taxable-to-buyer-s-agent-m...

View solution in original post