Buying a property as your own buyer's agent tax

[Joe Zen]

I am about to close on my first property (me = buyer, me = buyer's agent). 

I have heard that if you get a buyer's rebate, you do not need to pay tax, since you are just getting your money back (lowering the property cost basis). If that is the case, how do I structure this so I can get the money back as the buyer's rebate? Do I get the money from the broker as commission and then write myself a check for the rebate? Or broker issues a check for the rebate directly? 

I just got my license in January, so all this is very new to me. More detail would be appreciated!

[John Clark]

Quote from @Joe Zen:

I am about to close on my first property (me = buyer, me = buyer's agent). 

I have heard that if you get a buyer's rebate, you do not need to pay tax, since you are just getting your money back (lowering the property cost basis). If that is the case, how do I structure this so I can get the money back as the buyer's rebate? Do I get the money from the broker as commission and then write myself a check for the rebate? Or broker issues a check for the rebate directly? 

I just got my license in January, so all this is very new to me. More detail would be appreciated!

 Are you related to Rube Goldberg?

You are costing yourself money. Far simpler is to reduce the purchase price of the house by the amount your share of the commission would be. This lower purchase price will lower the transaction taxes (stamp taxes) for the sale, which is based on the sale price. Lower the sale price and you lower the transaction tax. It will also lower your insurance premium, since your insurance coverage is based on your house's value, and the lower the value, the lower the policy amount and the lower the premium.

It will also lower your property taxes. Your assessed value will reset to a basis determined by your purchase price once you buy. Your assessed value in turn determines your property tax. Higher purchase price=higher assessed value=higher property taxes.

Look beyond the next five minutes. Take your commission in the form of a price reduction and save yourself money.