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I
IndianExpat
March 14, 2025
Question

I purchased a new home.My buyer's agent paid me cashback and asked W-9 from me but didnt issue any 1099 form.Is this cashback taxable?How to handle this while filing tax?

  • March 14, 2025
  • 1 reply
  • 0 views
Cashback amount is around $20K. He asked w9 from me but didnt give any 1099MISC or 1099NEC or any form to me. Do i need to declare this while filing tax? Is this taxable income? What's the best way to handle this?

1 reply

M
Mike9241
March 14, 2025

Not taxable, but it does reduce the tax basis of the home. 

I
IndianExpatAuthor
March 14, 2025

Thank you. Do I still need to put any entry declaring it and then claiming credit in TurboTax desktop software or submit any form?

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