Can AMC charges be tax deductable if.

[Hiker]

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]

How else would you account, tax-wise, for what you pay the AMC?

 

[Mike Kennedy]

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]

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]

If you agree to get paid a certain fee by an AMC, and that's what you get paid, where's the deduction?

 

[Mike Kennedy]

Cya .

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

" in the certification and in any transmittal letter ". CYA

 

[Dean]

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]

http://commerce.appraisalfoundation.org/html/USPAP2008/FAQ/faq_31_.htm

 

[MBD]

Try to send the AMC a 1099 for $100 each appraisal you did for them. I'd like to know what would happen.

 

[Abester]

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.