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Updated over 2 years ago,
Buying a property as your own buyer's agent tax
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!