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Can AMC charges be tax deductable if.

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Hiker

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Sophomore Member
Joined
Oct 2, 2004
Professional Status
Certified Residential Appraiser
State
Arizona
One AMC I work for let me send them their cut after I collect the full amount for the HO.

Could this be considered tax deductable as i'm buying a lead from them.

Seems like a business deduction to me.
 

leelansford

Elite Member
Joined
Mar 29, 2002
Professional Status
Certified Residential Appraiser
State
Illinois
How else would you account, tax-wise, for what you pay the AMC?
 

Mike Kennedy

Elite Member
Joined
Sep 28, 2003
Professional Status
Certified Residential Appraiser
State
New York
The Management section of the ETHICS RULE states:

The payment of undisclosed fees, commissions, or things of value in connection with the procurement of an assignment is unethical. (Bold added for emphasis)

The Comment to the Management section goes on to say:

Disclosure of fees, commissions, or things of value connected to the procurement of an assignment must appear in the certification and in any transmittal letter in which conclusions are stated.
 

Hiker

Thread Starter
Sophomore Member
Joined
Oct 2, 2004
Professional Status
Certified Residential Appraiser
State
Arizona
The Management section of the ETHICS RULE states:

The payment of undisclosed fees, commissions, or things of value in connection with the procurement of an assignment is unethical. (Bold added for emphasis)

The Comment to the Management section goes on to say:

Disclosure of fees, commissions, or things of value connected to the procurement of an assignment must appear in the certification and in any transmittal letter in which conclusions are stated.

I guess I'm good.. It states right in the transmital letter. Nothing is undisclosed...
 

The Warrior Monk

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Mar 30, 2005
Professional Status
Certified General Appraiser
State
New York
If you agree to get paid a certain fee by an AMC, and that's what you get paid, where's the deduction?
 

Dean

Senior Member
Joined
Oct 16, 2003
Professional Status
Certified Residential Appraiser
State
Tennessee
Your looking at this the wrong way. If your fee is $300, and you pick up $400 COD on their behalf, then you mail them $100, you are not paying them anything, they are paying you $300.
 

Mike Kennedy

Elite Member
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Sep 28, 2003
Professional Status
Certified Residential Appraiser
State
New York
http://commerce.appraisalfoundation.org/html/USPAP2008/FAQ/faq_31_.htm
 

MBD

Member
Joined
Jan 10, 2005
Professional Status
Certified General Appraiser
State
New York
Try to send the AMC a 1099 for $100 each appraisal you did for them. I'd like to know what would happen.
 

Abester

Senior Member
Joined
Jun 12, 2003
Professional Status
Certified General Appraiser
State
Florida
Technically, if you receive a payment of $400, you are supposed to report that amount as income. If you then pay another company, it's no different than paying the MLS bill, and, unless the AMC is an individual, a 1099 is not required.
 
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