Skip to main content
April 17, 2023
Question

1099 question

  • April 17, 2023
  • 1 reply
  • 0 views

I am a real estate broker and my agent closed a transaction last year. Escrow issued my RE agent his portion of the closed transaction directly and my portion of the transaction directly. Do I still have to 1099 my agent, although I did not pay him from my account? Also, I did not receive 1099 for the money I received from the transaction. 

1 reply

April 19, 2023

You don't need to issue your agent a Form 1099 since you did not pay him. You do need to enter the proceeds you received as income on your tax return, even though you did not receive a form 1099.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"
wtw65Author
April 20, 2023

Thank you!