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Solved

Broker commission rebate.

Forum|Forum|5 years ago
August 2, 2020
1 reply
0 views

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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Best answer by Anonymous_

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-my-buyer-agent-said-she-has-to-pay-taxes-on-1-of/00/280487

Anonymous_Answer

Level 15

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-my-buyer-agent-said-she-has-to-pay-taxes-on-1-of/00/280487