Venting about Marriott Resorts Title CO INC

[Ewiike]

Last year Marriott bought back our Harbor Lake unit for $4000, and just got a note from above office today , stating that they sent information for the IRS about $8,400 !
Unfortunately weekend is coming and President day( but I hope they are open on Monday), because I'd like to ask why they put more than double the amount we have received .
Anyone has any idea?

 

[SteelerGal]

That is odd. When I HGVC was excised at 1500, that's what was sent to the IRS.

 

[Ewiike]

$8,400.00 was the asking price, they sold it for $8,400.00 ( at least that's what they said), and took a 50% commission , as we agreed , but why they sent 8,400 on the form to the IRS? Do we have to pay taxes on their commission too?

 

[klpca]

$8,400.00 was the asking price, they sold it for $8,400.00 ( at least that's what they said), and took a 50% commission , as we agreed , but why they sent 8,400 on the form to the IRS? Do we have to pay taxes on their commission too?

Just deduct the commission paid as a selling expense.

 

[TheTimeTraveler]

Just deduct the commission paid as a selling expense.

Correct!



.

 

[Ewiike]

Just deduct the commission paid as a selling expense.

Thank you! I speak tomorrow with our tax advisor , I didn't want to bother him on Valentine's day!