Ileen Oshell: It may depend on the state you live in..but in Alabama the Realtor has to budget for taxes themselves by taking it out of the commission price. Which can be a great thing if you don't let it get away from you. What I did is open up a savings account that serves as my own little escrow for taxes. You should take out around 15-20% for taxes. Overbudget so you aren't short at the end of the year when you get your 10-99 tax form. This will tell you how much you owe.
Booker Warlick: In Oregon, we are also independant contractors and expected to take care of our own tax issues. I receive the whole commission, but tuck a portion away for the IRS.
Roselee Mczeal: In Colorado, you are an independent contractor and nothing is held from your commission check. You are responsible for your own taxes at the end of the year.
Vince Delarge: in california real estate agents are treated as independent contractors and nothing is withheld from the commission ! check. they are given 1099's at the end of the year, not w-2's
Mark Villifana: If you're an agent working for a broker, the broker will withhold the taxes from your commission check. If you're a broker, you're usually self employed and must make quarterly estimated tax payments to the IRS and your State tax authorities.
Connie Dickirson: I'm in texas
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