Are real estate agent fees taxable expenses?

Question

We are selling our home in Seattle and relocating to California. If the company agrees to cover our real estate agent fees (and sales tax) would there be any tax liability for the company or us?

Answer 1

I assume that you mean that the company you work for is relocating you and paying these items. If so, any allowable moving expense they pay would not be income to you. These are generally direct moving expenses such as fees for a moving company, transporting the family etc.
Those items that are no direct moving expenses such as the Realtor commission on the sale would be taxable to you. This isn't as good as not having it taxable but you still end up with about 60% to 70% of these fees in your pocket. You wouldn't have anything if you had to pay it yourself.

Answer 2

on an analogous time as the standards selection somewhat from state to state, yet this is the vast majority of what you need to do. Graduate severe college. you're required to have a level or a GED Take a pre-license classification from a real property college authorized via your state. Many brokerages supply the class, and it costs between $2 hundred and $800. the class can regularly be accomplished in 2 weeks, or unfold over an prolonged quantity of time. Have a criminal unfastened criminal record (although some states genuine property commissions will help you request a waiver for some acts, at the same time with DUI) Take and bypass your state's sales affiliate attempt. sturdy success!

Answer 3

You need to get a copy of your company's policy on employee moving expense reimbursements, and ask them how they are reporting same. Certain reimbursements may prove to be taxable, but if you are moving for your job, certain expenses may be deductible. Go to the IRS website and get the instructions for Form 3903, Moving Expenses. That should tell you all you need to know. Good luck.