I sold my home and bought a different home last year. My Realtor rebated several thousand dollars of his commission back to me on the purchase transaction.
My normal income is just a pension and my spouse and I both receive Social Security. My tax man says I do not normally have to file and haven't for a couple years now.
I am being told that I have to file this year due to that Realtor rebate and that I will have to pay self employment tax on the rebate amount received.
Another tax man told me that it was not earned income (I didn't do anything for it - it was just a way of the Realtor discounting his fees) and that I did not have to pay self employment tax.
What is the right answer?
Does it matter what kind of 1099 is issued?
Where do I go for reliable answers.......?
PLEASE HELP!!
2007-03-28
09:47:59
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4 answers
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asked by
jd4iam
1
in
Business & Finance
➔ Taxes
➔ United States