Crank Posted December 19, 2015 Report Posted December 19, 2015 Hi all, I have a situation where real estate was sold (non-residence) with a 6% seller's assist. In other words the seller paid the buyers closing costs. Im wondering if this could be considered income to the buyer and should a 1099 be issued. Quote
MDEA Posted December 19, 2015 Report Posted December 19, 2015 No I would treat it as a reduction of sales price to the seller. 3 Quote
BulldogTom Posted December 19, 2015 Report Posted December 19, 2015 19 minutes ago, MDEA said: No I would treat it as a reduction of sales price to the seller. Me too. Tom Newark, CA 3 Quote
Crank Posted December 19, 2015 Author Report Posted December 19, 2015 I was already going with the reduction of the sales price but then got off on the 1099 tangent too. Thanks Quote
Catherine Posted December 21, 2015 Report Posted December 21, 2015 On 12/19/2015, 4:20:36, Crank said: I was already going with the reduction of the sales price but then got off on the 1099 tangent too. Thanks Far too easy to do and we have ALL taken a turn at tangent-ing! 1 Quote
Abby Normal Posted December 22, 2015 Report Posted December 22, 2015 I would include it in expense of sale (basis) instead of reducing the selling price. 1 Quote
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.