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#455795 - 12/08/16 02:07 PM Fun! Fun! Commission Tax Question
TRGBRoker Offline
Junior Member

Registered: 12/08/16
Posts: 3
Loc: New Jersey
Sorry to post again everyone but I do have another question.

I don't ever want problems in regards to tax issues.

When a commission comes into the office I tax the entire amount of the commission. I think give my agent their split. I'm assuming I should only be taxing my portion of the commission.

I've always felt safe doing it this way. I guess if it's incorrect I'd rather have paid too much tax then too little.

I was a single person agency and didn't need an accountant just for me. I have an accountant that I hired starting in January to take over this task.

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#455798 - 12/09/16 12:06 AM Re: Fun! Fun! Commission Tax Question [Re: TRGBRoker]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7719
Loc: Vermont's North-East Kingdom
It's good that you're hiring an Accountant for this.

You'll report the gross amount of all Commission Income, and then expense the amount of any Commissions paid to Agents as another Sales Expense when you file the Brokerage or Company Taxes.

And you'll file an IRS Form 1099 for the sum total of Commissions that the Brokerage paid to each Agent.

You won't tax anyone, or withhold any money for their taxes; the Agents pay their own taxes. If you had no Agents, then no one complained.

Your Accountant will clarify these procedures for 2017 and beyond; but who's preparing your Tax filing for 2016 ?

_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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#455799 - 12/09/16 12:08 AM Re: Fun! Fun! Commission Tax Question [Re: TRGBRoker]
Bigtoe Offline
Major Contributor

Registered: 10/14/07
Posts: 2238
Loc: Outer Banks
Commissions go to agents and then you pay taxes on what is left over. 1099 the agents for the amount they received so they can pay taxes on their portion.
_________________________
Your Outer Banks real estate agent. Helping people buy and sell OBX real estate since 1989.

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#456122 - 01/02/17 01:41 PM Re: Fun! Fun! Commission Tax Question [Re: TRGBRoker]
NOVACARR Offline
Junior Member

Registered: 01/02/17
Posts: 2
Loc: Dutchess County, NY
Careful,

Taking out taxes may make them employees rather than independent contractors.

1099 is the best way to go. Let them be responsible for making their own tax payments.

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