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Updated almost 5 years ago,

User Stats

67
Posts
9
Votes
Henry Li
  • Realtor
  • Boston MA
9
Votes |
67
Posts

part time real estate agent tax - are they double taxed?

Henry Li
  • Realtor
  • Boston MA
Posted

so... both my wife and I have a W2 job. let's say our income is at around the 24% tax bracket. And then my real estate sales "part time"  let's say I made 50k in 2019. Does it mean the 50k commission income has to be taxed our ordinary income tax rate 24%, plus the self employed tax which is about another 15%? If so then that it would be about 40% tax that we have to pay? Sounds a bit too much and would like to get some clarification. thank you in advance. 

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