If you are a real estate broker or agent, you may not be aware of the IRS reporting requirements surrounding cooperative commissions. This article explains what you need to know about 1099s, W-9s and CDAs. As part of every real estate transaction where commissions are distributed, the IRS requires listing brokers to complete Form 1099-MISC… Read more
Expanded Sec. 152 for Dependents
The Tax Cuts and Jobs Act broadened the Child Tax Credit and introduced some big changes to more qualifying taxpayers. Child Tax Credit If you have children or dependents under the age of 17, you may be able to annually reduce your federal tax bill by up to $2,000 (an increase of $1,000) for each… Read more
IRS Sends Warning Letter to Cryptocurrency Users About Reporting
Taxpayers who exchange cryptocurrency may receive a letter this month from the IRS regarding reporting issues. Due to the increase in popularity of cryptocurrency, the IRS is drawing its attention to taxpayers who may not accurately report or fail to report income and not pay taxes related to those transactions. The IRS began sending out… Read more
Uncertain Future for CA Estate Tax
California is currently among 30 states that do not impose a state estate tax. State legislature, however, recently introduced Senate Bill SB 378 that would have imposed gift, estate and generation-skipping transfer taxes starting on January 1, 2021. California Estate Tax Proposal While the bill did not make a floor vote earlier in 2019, the… Read more
Top 5 Real Estate Accounting Mistakes
Even some of the savviest real estate brokers can get trapped in the most common accounting mistakes. There’s a similar thread of accounting mistakes woven throughout the real estate industry that creates challenges and complications come tax time. Many of these mistakes are financial oversights that end up causing complexity, and in some situations, extra… Read more
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