Question

Where to file the expense as a realtor

Forum|Forum|4 years ago
March 28, 2022
1 reply
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Hello,

I am a realtor and have my own LLC. So I file my expenses related to real estate to my business expense.

I sold a house in 2021, received commission. But I spent some of the commission fixing the house as a deal with the buyer. Where should I fill this expense in my business?

Thanks,

Jenny

TurboTax Home & Biz Windows

LeonardS

You will report your commission as income on your 2021 taxes and you may deduct the portion of the commission used in fixing the house as an expense. If you used Schedule C you may report the expense in Part V Other Expenses.

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M

mjpra2010Author

Hi Leonard,

Thanks for your advice! I am not sure how to deduct the portion in my commission since the commission was reported on 1099 nec. But I can enter the cost as miscellaneous expense as you advised in part V. Is that right?

Jenny