business questions - answers to business questions
*Business questions>>>Taxes Questions

Are real estate agent fees taxable expenses?

Question:
We are selling our home in Seattle and relocating to California. If the company agrees to cover our real estate agent fees (and sales tax) would there be any tax liability for the company or us?

Answer:
I assume that you mean that the company you work for is relocating you and paying these items. If so, any allowable moving expense they pay would not be income to you. These are generally direct moving expenses such as fees for a moving company, transporting the family etc.
Those items that are no direct moving expenses such as the Realtor commission on the sale would be taxable to you. This isn't as good as not having it taxable but you still end up with about 60% to 70% of these fees in your pocket. You wouldn't have anything if you had to pay it yourself.
Related Questions
  • Are real estate agent fees taxable expenses?
  • Do real estate agents fees get deducted before any capital gains liability on home sale?
  • How much tax will we have to pay on the sale of our main home in Seattle?
  • what does a tax reference number look like?
  • Do I need a license to prepare tax returns in Illinois?
  • how much do you have to owe the IRS before your wages are garnished?
  • Lotto Winnings does effect my income?
  • How do I get a tax lien off my property?
  • how to gift , what to do?
  • What does a college loan that is tax decutible mean?
    • Categories
    Taxes Small Business Renting & Real Estate Personal Finance Other - Business & Finance Investing Insurance Credit Corporations Careers & Employment Advertising & Marketing
       

    business questions and business answers
    Loan,Banking and CreditFor personal non-commercial use only. All rights reserved.