Scenario - Landlord is selling our house (we are renters) from underneath us. We are about to start building a home in Spring 2018 and do not want to move elsewhere before finishing new home in 2019.
Information - we are realtors. landlord will be using my wife as the realtor.
Question - if wife sells house to me (us/whatever) ... how can we use the commission to our favor? Is there a way for us to wrap that commission into the down payment? Or is my only option to say "take 6% off list"
I remember JMAZZ saying he takes the 3% as cash. In the past I have taken off 3% from the price.
If I take the commission and wrap back into down payment, do I pay taxes on it?
Information - we are realtors. landlord will be using my wife as the realtor.
Question - if wife sells house to me (us/whatever) ... how can we use the commission to our favor? Is there a way for us to wrap that commission into the down payment? Or is my only option to say "take 6% off list"
I remember JMAZZ saying he takes the 3% as cash. In the past I have taken off 3% from the price.
If I take the commission and wrap back into down payment, do I pay taxes on it?