Q: I am a real estate agent who lives out of state. I own a house and plan to hire another real estate agent to sell my house for me. Can I charge him a referral fee?
?Mary, Alexandria, VA
A: Ask your broker.
Renee Page is a Realtor? with Realty Executives in Newhall, CA.
A: Why don?t you just ask for a discounted commission? If you do receive a referral fee, you will pay taxes on ordinary income. If your house qualifies as your primary residence, and you may not have to pay any taxes on sale. Even if the house is a rental property, you would pay taxes at capital gains rates (assuming you make money on the sale).
Phil Lunnon is a Realtor? with Lunnon Realty in Lakewood, CO.
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Related posts:
- What Is The Law Regarding Referral Fees In California?
- How Is A Referral Fee Calculated?
- Can I Get A Referral Fee From A Realtor In Another State?
- Is A Sales Tax For Real Estate Coming Soon?
- What Will Happen If I Sell My Home For More Than The Value Of My Loan?
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