happyardy 0 Report post Posted June 22, 2007 Dave,I recently closed on a deal(pure option) where I got paid through a letter of direction that the seller had given her lawyer, something on the lines of "I, Ms. Seller authorize my attorney Mr. Lawyer to pay Mr. Rahul $XXXX from the proceeds of the sale of the property".So, basically when the seller and buyer closed, I got the difference in the prices. I was paid from the seller's side. I didnt go on the title nor I have been on the P&S agreement. There was no double closing. When I do my taxes next year, how would this be treated ? thanks- Rahul Share this post Link to post Share on other sites
Dave T 0 Report post Posted June 23, 2007 Ordinary self-employment income. Report on Schedule C (1040) and Schedule SE (1040). Share this post Link to post Share on other sites
happyardy 0 Report post Posted June 24, 2007 Ordinary self-employment income. Report on Schedule C (1040) and Schedule SE (1040). Thanks, Dave.- Rahul Share this post Link to post Share on other sites