Did an agent at another brokerage send you an IRS 1099-MISC form? If you received a referral fee or shared commission last year that was for more than $600, you might have received a 1099 from the other agent. Receiving a 1099 from the agent isn’t a new requirement, but NAR attorneys say they get questions every year about this at tax time. You’ll want to check with your accountant on anything having to do with taxes, but as a general matter, even if the settlement agent is the one that disbursed the commissions at the close of the transaction, the money is still technically coming from the other agent, and so it’s that agent’s job to send out the 1099 form.
You can get more on this in the latest Voice for Real Estate. The news video also looks at what’s appropriate and what’s not when it comes to “coming soon” listings. NAR General Counsel Katie Johnson says “coming soon” is probably okay if no agents can show the house, but if agents at the listing brokerage are showing it while no one else can, it could be a violation of the NAR Code of Ethics and Standards of Practice.
Other stories look at the effort of lawmakers to make FHA condo financing easier to get. The House last week passed a bill that would allow a person to buy a condo unit with FHA financing even if only 35 percent of the units are owner-occupied. That would be a big drop from the current requirement of 50 percent minimum owner-occupancy in the project. On commercial real estate, the video looks at a report just out by NAR, Deloitte, and RERC/Situs and that says all major commercial sectors will see gains this year but they’ll be far more modest than they were last year.
Source: Speaking of Real Estate
Copyright NATIONAL ASSOCIATION OF REALTORS®. Reprinted with permission.