I used to be a FT realtor but have retired but still have my license. I did a friend a favor and helped her by a house. IS my income now considered hobby income?

jebridges26 · ‎June 4, 2019

I no longer do this as a business for profit

DanielV01 · ‎June 4, 2019

Yes, it can be. If you did this as a favor, are not truly in the business of real estate, and this was a sporadic activity, the proceeds you claimed can be considered hobby income. If claimed as such, you don't pay self-employment tax on the income, but you also cannot claim any expenses nor does it qualify as income for the QBI deduction.

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DanielV01 · ‎June 4, 2019

Yes, it can be. If you did this as a favor, are not truly in the business of real estate, and this was a sporadic activity, the proceeds you claimed can be considered hobby income. If claimed as such, you don't pay self-employment tax on the income, but you also cannot claim any expenses nor does it qualify as income for the QBI deduction.

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I used to be a FT realtor but have retired but still have my license. I did a friend a favor and helped her by a house. IS my income now considered hobby income?