Hey Guys, this is my first year with my brokerage. I'll run this by my accountant next time I talk to him, but can you let me know if you have any insight.

When I record my LLC's income. Do we state our income, as the total, of every check we've gotten all year. Including every closing check from agents. Then minus the commission written to the agent as an expense.

Or, do we just list our income as the profit the company made and not have to document the agent closing checks to IRS as the companies income?

Does this make sense? I know it's tricky, lol.

I obviously no tax expert, but common sense tells me that if it comes into your bank account, it must be accounted for. If you receive the total commission, then pay the selling side to the co-op brokerage, that money should be shown in and out. That would mean a 1099 to the brokerage that received the money.