- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
If the realtor rebate check is deposited to the escrow account, is it considered tax free? Can I treat this as tax exempted even if W9 is given to the realtor?
Do you have an Intuit account?
You'll need to sign in or create an account to connect with an expert.
Accepted Solutions
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
If the realtor rebate check is deposited to the escrow account, is it considered tax free? Can I treat this as tax exempted even if W9 is given to the realtor?
Cash rebates (including money placed in your escrow for future payments made on your behalf). A cash rebate you receive from a dealer or manufacturer of an item you buy isn't income, but you must reduce your basis by the amount of the rebate. What this means, is that the cost of your home, less selling expenses, then less the realtor commission rebate equals the new cost basis for your home.
This information will be used when you sell your new home in the future. All records relating to the home purchase as well as capital improvements throughout the life of your ownership must be kept for the future.
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
If the realtor rebate check is deposited to the escrow account, is it considered tax free? Can I treat this as tax exempted even if W9 is given to the realtor?
Cash rebates (including money placed in your escrow for future payments made on your behalf). A cash rebate you receive from a dealer or manufacturer of an item you buy isn't income, but you must reduce your basis by the amount of the rebate. What this means, is that the cost of your home, less selling expenses, then less the realtor commission rebate equals the new cost basis for your home.
This information will be used when you sell your new home in the future. All records relating to the home purchase as well as capital improvements throughout the life of your ownership must be kept for the future.
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
If the realtor rebate check is deposited to the escrow account, is it considered tax free? Can I treat this as tax exempted even if W9 is given to the realtor?
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
If the realtor rebate check is deposited to the escrow account, is it considered tax free? Can I treat this as tax exempted even if W9 is given to the realtor?
Still have questions?
Make a post