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?
2007-01-25 11:37:26 · 6 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
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
2007-01-25 12:14:37 · answer #1 · answered by WealthBuilder 4 · 0⤊ 1⤋
There is no way to give you an average. There are a lot of determining factors: 1) Commission charged by the agency. 2) Agent's split with the agency. 3) Number of homes the agent sells (whether for buyers or sellers). 4) Market conditions: buyer's or seller's market These are just the basics. Take away from the commission received: the split owed the agency, as well as all the other costs of doing business (advertising for the home, signs,...) and what may seem like a big number at first may not be so big after all. (Lets say on a $100,000.00 sale the agents profit after expnses and taxes could be as little as $400.00). You must remember that real estate agents are independant contractors and must pay for their own taxes, social security, insurance,etc. Most people think they make a lot of money for doing nothing, but in actuallity a lot of effort goes into selling a house, for not that great amount of money in return.
2016-05-24 00:00:39 · answer #2 · answered by Anonymous · 0⤊ 0⤋
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.
2007-01-25 11:47:51 · answer #3 · answered by steven 3 · 0⤊ 0⤋
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" www.taxfreedom.com
2007-01-25 11:45:57 · answer #4 · answered by Kari 4 · 0⤊ 0⤋
Ordinary wages. You should receive a W2 for your commissions.
2007-01-25 11:42:09 · answer #5 · answered by Bostonian In MO 7 · 1⤊ 1⤋
Go to the H & R Block, or something similar.
2007-01-25 11:42:11 · answer #6 · answered by darlene g 2 · 1⤊ 1⤋