In what category do i file my real estate agent income under?
Posted on July 22nd, 2010 in United States | 5 Comments »
amazeme360 asked:
I was a full time student for 2006 and had a part time job. I also did a little bit of real estate but dont know how to file the income for it. What category is it under?
5 Responses
Simi Valley Ca Real Estate
Ordinary wages. You should receive a W2 for your commissions.
Larchmont Ny Real Estate
Go to the H & R Block, or something similar.
torrance plumbing plumbers
Buy a tax software program or even better hire a tax preparer. It will probably pay for itself in the extra deductions they find that you may not of known about. If you made under a certain income, see if you are eligible for Turbo Tax “Tax Freedom”
Flathead Lake Real Estate
Did you receive a W-2 or a 1099 form? If you haven’t received either you should call the office and ask them when it will come in the mail.
Most real estate agents receive a 1099 and are considered self employed. If you receive a 1099 you know that you have self employment income.
If you receive a W-2 you know that you received income as an employee.
It sounds like you need some tax help…find someone good to help you…perhaps that should be your next question on here.
Westlake Village Real Estate
If you earned income like commissions not as a W-2 employee but as independent contractor, you’ll need to do Schedule C. See a tax professional; this form is not for amateurs.
Tax Advisor