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posted Oct 31, 2019 1:27:40 AM

I am a real estate agent and my t4 only shows gross sales commission, not broker deductions offf each transaction. Where do I include on tax form and what are they called

Not sure where to include transaction deductions taken from the broker on every sale on my income taxes. T4 shows gross only.

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1 Best answer
Level 15
Oct 31, 2019 1:27:41 AM

If you have income on a T4A in Box 20 for your Realtor Commissions, you'll need to complete the T2125 - Statement of Business Activities that the T4A income has transferred to.

Enter the T4A first, then go the Self-Employment section in TurboTax and choose to "edit" the business statement where this commission income has transferred to.  In the expenses section of this statement, you can enter these amounts as "Management or Admistration Fees" or under "Other Expenses" and specify what they are for.

1 Replies
Level 15
Oct 31, 2019 1:27:41 AM

If you have income on a T4A in Box 20 for your Realtor Commissions, you'll need to complete the T2125 - Statement of Business Activities that the T4A income has transferred to.

Enter the T4A first, then go the Self-Employment section in TurboTax and choose to "edit" the business statement where this commission income has transferred to.  In the expenses section of this statement, you can enter these amounts as "Management or Admistration Fees" or under "Other Expenses" and specify what they are for.