Taxable Income Real Estate
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Question: I work for a real estate acquisition firm. I am paid monthly commissions. Are these taxable?
I work for a real estate acquisition firm. I am paid monthly commissions. Are these taxable? If so, where on my tax return do I enter this information? Wages? Other Income? I don’t have a W-2 or a 1099 for these paid commissions. HELP!
Answer: It is taxable.
The correct method of reporting depends on whether you are an employee or an independent contractor.
If you know that you are an employee, file Form SS-8 first, and then report it as wages.
If you know that you are an independent contractor, then report it on either Schedule C or Schedule C-EZ and do not file Form SS-8.
If you do not know whether you are an employee or an independent contractor, then report it on either Schedule C or Schedule C-EZ and also file Form SS-8 at your convenience. If the Form SS-8 results in a determination that you were an employee, then file Form 1040X to rereport it as wages.
UOA REIT 2Q net profit up 62% to RM10.68m
KUALA LUMPUR: UOA Real Estate Investment Trust’s net profit rose 62% to RM10.68 million in the second quarter ended June 30, 2011, from RM6.59 million a year ago.
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