I have a client who just got his license to sell real estate. He had no sales for 2007 except for one which was his own home. Another agent had a house for sale and said if a realtor could find a buyer for him he would pay 3%. After seeing it 2 or 3 times my client said I have a buyer for you it is me and they paid him 3% of the sale for his own personal residence. I am assuming that he would report the 3% as income on Schedule C for his new real estate business but I wasn't sure if there was any other tax consequences of getting the commission off the home he bought for his own personal residence.
Thanks!
GTS1101
Thanks!
GTS1101