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posted Jun 4, 2019 10:35:56 PM

My husband paid another realtor a referral fee and he filled out a W-9 to give to us. What software would I purchase to record this transaction?

We didn't give the other realtor a 1099 misc.  Should we have?

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2 Replies
Expert Alumni
Jun 4, 2019 10:36:06 PM

Yes, you should have given the other realtor a 1099-MISC for the referral fee if you paid him $600 or more (the due date to send to both the IRS and the payee was 01/31/2017). You would use TurboTax Self-Employed to report your income and expenses, and you can use TurboTax Quick Employer Forms for the 1099, which you can still send. You are subject to a penalty for late filing of  your 1099. See this link for a chart:  https://www.irs.gov/government-entities/federal-state-local-governments/increase-in-information-retu...

 

Level 15
Jun 4, 2019 10:36:07 PM

If you are filling out a schedule C for your realtor business income income it would go on schedule C line 11 for Contract Labor.  You need the Online Self Employed version to enter business expenses.  Or any version in the Desktop CD/Download program will work.  You just get the most help in the Home & Business version.