Mar 03, 2010
Cooperative commissions of $600 or more require Form 1099-MISC
03 Mar 2010
Posted by VAR
More tax stuff (it must be tax season)…
According to NAR, the IRS requires listing brokers who pay a cooperative commission in excess of $600 to an individual who isn’t their employee to complete a Form 1099-MISC. This isn’t a new law, but it has come to NAR’s attention that not all real estate professionals are aware of it.
Don’t be one of the unaware: Information on this requirement is available from NAR Legal Affairs.