Author Topic: Rebate on New home purchases - Discuss  (Read 83110 times)

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Offline eyephone

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Re: Rebate on New home purchases - Discuss
« Reply #180 on: May 22, 2017, 04:55:27 PM »
Can anyone send me a link or something I can send to my CPA regarding this? He believes the only way is 1099. Also had a friend go through something with IRS saying it has to be 1099 as well.

Private letter ruling
https://www.irs.gov/pub/irs-wd/0721013.pdf

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Offline USCTrojanCPA

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Re: Rebate on New home purchases - Discuss
« Reply #181 on: May 22, 2017, 06:02:52 PM »
Can anyone send me a link or something I can send to my CPA regarding this? He believes the only way is 1099. Also had a friend go through something with IRS saying it has to be 1099 as well.

Besides the IRS ruling with Redfin, you just need to step back for a second and apply some common sense when it comes to the "earned income" definition.  The IRS defines it as earnings from you working for someone or some company who pays you providing goods and/or a services OR earnings from you owning and running a business or farm (investments, rentals, etc would fall into this group).  Where has the buyer done work for the agent to constitute earned income?  Obviously it's the other way around.  So the rebate is a reduction of the cost basis in the home (the same way it would be if the agent provided the rebate as a credit towards closing costs in escrow).  So I'd also for any agent or CPA to explain to me why a rebate done through escrow is treated a reduction of cost basis but a rebate outside of escrow should be treated as earned income?  See how that makes zero sense.  Just like you have uneducated and/or lazy agents, there are also CPAs that are no better. 
Martin Mania, CPA
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Offline Settledinirvine

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Re: Rebate on New home purchases - Discuss
« Reply #182 on: August 05, 2017, 07:59:58 AM »
Hi guys,

Finally moved into my Lantana plan 1x. Been renting in Irvine for the last 8 years. It was quite a transition going from renting to buying.

However, this forum and the members (you all) provided so much wealth of information that made it less stressful.

Through this forum I found a realtor agent to assist me in finding a new build. She and her business partner (Alex) took the time to bring a new client (me) to visit the new builds and sign me in.

We looked at Avalon, Lanterns, and Lantana. I ended settling with Lantana as it provided the best value for what I could afford.

If you do need an agent to assist you, feel free to reach out to her. She is friendly and have knowledge around the new builds in Irvine. She also have experience in resales.
She's not pushy and is trust worthy.

Her contact:
Nicole Pompey
714.743.2112

I'm sure if you reach out to her or anyone else through this forum, then you should be fine.

I'll update in another post regarding the contractors
I used (also recommendations from this forum) for my flooring and windows. Great value and experience.

Offline Burn That Belly

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Re: Rebate on New home purchases - Discuss
« Reply #183 on: August 05, 2017, 08:39:18 AM »
x
« Last Edit: August 01, 2018, 12:40:49 PM by Burn That Belly »
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Offline eyephone

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Re: Rebate on New home purchases - Discuss
« Reply #184 on: August 05, 2017, 08:51:43 AM »
Is this an advertisement?

Hi guys,

Finally moved into my Lantana plan 1x. Been renting in Irvine for the last 8 years. It was quite a transition going from renting to buying.

However, this forum and the members (you all) provided so much wealth of information that made it less stressful.

Through this forum I found a realtor agent to assist me in finding a new build. She and her business partner (Alex) took the time to bring a new client (me) to visit the new builds and sign me in.

We looked at Avalon, Lanterns, and Lantana. I ended settling with Lantana as it provided the best value for what I could afford.

If you do need an agent to assist you, feel free to reach out to her. She is friendly and have knowledge around the new builds in Irvine. She also have experience in resales.
She's not pushy and is trust worthy.

Her contact:
Nicole Pompey
714.743.2112

I'm sure if you reach out to her or anyone else through this forum, then you should be fine.

I'll update in another post regarding the contractors
I used (also recommendations from this forum) for my flooring and windows. Great value and experience.

jmoney74

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Re: Rebate on New home purchases - Discuss
« Reply #185 on: August 05, 2017, 09:18:07 AM »
What is the max rebate you guys have ever gotten?

Offline Burn That Belly

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Re: Rebate on New home purchases - Discuss
« Reply #186 on: August 05, 2017, 09:39:56 AM »
x
« Last Edit: August 01, 2018, 12:40:46 PM by Burn That Belly »
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jmoney74

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Re: Rebate on New home purchases - Discuss
« Reply #187 on: August 05, 2017, 09:41:19 AM »
What is the max rebate you guys have ever gotten?

75%. My friend is a licensed broker. I'm paranoid to the point that I actually looked up his license on the DRE.

Does he 1099?

Offline eyephone

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Re: Rebate on New home purchases - Discuss
« Reply #188 on: August 05, 2017, 09:58:20 AM »
What is the max rebate you guys have ever gotten?

75%. My friend is a licensed broker. I'm paranoid to the point that I actually looked up his license on the DRE.

I guess you don't trust your him.

Offline USCTrojanCPA

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Re: Rebate on New home purchases - Discuss
« Reply #189 on: August 05, 2017, 10:04:09 AM »
What is the max rebate you guys have ever gotten?

75%. My friend is a licensed broker. I'm paranoid to the point that I actually looked up his license on the DRE.

A friend and you are paranoid?  Man, that is not good.  Some of my clients ask for something in writing for the new home rebate and I'm happy to provide it.  Others know that my word is as good as gold.  Whatever makes my clients the most comfortable is what I do.
Martin Mania, CPA
AgencyOne
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CA CPA License # 107675
mmania001@yahoo.com
714-747-3884 cell

Often imitated....Never duplicated!

Offline Burn That Belly

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Re: Rebate on New home purchases - Discuss
« Reply #190 on: August 05, 2017, 10:47:23 AM »
x
« Last Edit: August 01, 2018, 12:45:47 PM by Burn That Belly »
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Offline OCLuvr

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Re: Rebate on New home purchases - Discuss
« Reply #191 on: August 05, 2017, 10:49:57 AM »
I don't know why you had to change your name; going exactly YF route.

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Offline eyephone

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Re: Rebate on New home purchases - Discuss
« Reply #192 on: August 05, 2017, 10:51:59 AM »
In this world, you can never trust nobody in life and you can never take anybody's word for it. Friend, foe, or a ho.

I only take a leap of faith if they are my bloodline. If not, GTFO or get it on paper.

But checking if he has a license online doesn't enforce the rebate.

Sometimes you have to trust people's vision. Such as Elon, Jack Ma, Steve Jobs (I didn't say Tim  ;))

Offline Burn That Belly

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Re: Rebate on New home purchases - Discuss
« Reply #193 on: August 05, 2017, 10:54:21 AM »
x
« Last Edit: August 01, 2018, 12:45:43 PM by Burn That Belly »
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jmoney74

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Re: Rebate on New home purchases - Discuss
« Reply #194 on: August 05, 2017, 10:54:50 AM »
I don't know why you had to change your name; going exactly YF route.

We all know why and the reason was pretty valid. However everyone knows now.  So who cares.

 

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