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| *Loan,banking and credit>>>real estate tax |
If I buy I home and get the rebate from the commisions my real estate agent get, how would it be taxed? |
I.e would it be taxed as my income and my regular tax rate would apply to it? In most states any rebates from real estate commissions are illegal. That being the case, you may not want to declare that as income. Instead, it is simply an adjustment to the actual cost of the purchase of the home. It should not be taxable. It would just lower your basis in the house. As the commissions were not deductable when paid, any rebate of these would not be taxable. See my answer in the other thread. To clarify another answer, while some states do have laws against real estate commission rebates, those laws are probably invalid because they conflict with federal law. The Federal Government has successfully sued to prevent enforcement of such a law in Kentucky. http://www.krec.ky.gov/pdf/agreement.pdf... |
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