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IndianExpat
Returning Member

I purchased a new home.My buyer's agent paid me cashback and asked W-9 from me but didnt issue any 1099 form.Is this cashback taxable?How to handle this while filing tax?

Cashback amount is around $20K. He asked w9 from me but didnt give any 1099MISC or 1099NEC or any form to me. Do i need to declare this while filing tax? Is this taxable income? What's the best way to handle this?
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2 Replies

I purchased a new home.My buyer's agent paid me cashback and asked W-9 from me but didnt issue any 1099 form.Is this cashback taxable?How to handle this while filing tax?

Not taxable, but it does reduce the tax basis of the home. 

IndianExpat
Returning Member

I purchased a new home.My buyer's agent paid me cashback and asked W-9 from me but didnt issue any 1099 form.Is this cashback taxable?How to handle this while filing tax?

Thank you. Do I still need to put any entry declaring it and then claiming credit in TurboTax desktop software or submit any form?

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