Cooperative commissions of $600 or more require Form 1099-MISC

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.

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