I just purchased a land for $165,000. My broker got $4,025 commission and cut me a business check for $1,650 as a "thank-you". I imagine she will deduct $1,625 from her original income. Does it mean I have to report it to IRS as income on my tax return and pay taxes on it? She claims I can treat it as a gift and don't have to report on tax return. Can I trust her? Does she have to send me a
1099-misc at the end of the year? She claims she's been sharing her commission with clients for years, never send 1099-misc, and none of them had any problems with IRS. Please let me know. I haven't cashed her check yet but could definitely use the money. Thanks!!!