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I am a real estate agent recieving a 1099 do i have to report as a busniess or self employed

 
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1 Reply
MorganQ
New Member

I am a real estate agent recieving a 1099 do i have to report as a busniess or self employed

Hi there, 

Yes.  Real Estate Agents who receive their income reported on a Form 1099-MISC are considered Sole Proprietors and should report this income as a business or self-employed. Your income and expenses need to be reported on a Schedule C. When you do your taxes with TurboTax, we'll fill out the Schedule C for you and walk you through any self-employed expenses you might have. 

For more information on Schedule C, please see below: 

Schedule C, Profit or Loss from Business is an IRS form filed by sole proprietors and other self-employed taxpayers.

It tallies up the business's income and expenses, and the net income (or loss) flows from Schedule C to Form 1040, Line 12.

TurboTax automatically creates Schedule C (or Schedule C-EZ) when you enter your business information or when you enter what the IRS considers self-employment income, which is often reported on Form 1099-MISC.

On returns that only require Schedule C-EZ, TurboTax also generates a Schedule C, but this is only used for calculation purposes and isn't filed with the return.

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