Guest ron Report post Posted March 15, 2006 Tax ScenarioI’d prefer an accountant or CPA answer this questionBut I am open to an experienced qualified investor answering it BuyerSellerReal Estate Agent Buyers buys the property for $201,000 from the sellerSeller keeps $190,000 for the property and pays $11,000 to agent Agent gets $11,000 and pays $1000 rebate to the buyer The seller only made $190k correct?If another seller got $202k contract and had to pay $12k to an agent The seller in both scenarios only made and pay taxes based on $190k they get to pay off any existing financing and left over is their gain. Agent only kept $10,000 commission in both scenarios$12,000 with $2000 rebate and another agent $11,000 commission $1000 rebate Buyer bought the property for $202,000 in the second scenario and received $2000 check as a rebate. Who claims what for taxes as income? As write-offs? Who 1099’s who? Share this post Link to post Share on other sites
