USA: Preparing 1099 Reports

USA: Preparing 1099 Reports

Loft47 does not file your 1099 tax reporting, we provide the information not the filing mechanism to file forms either digitally or paper based. We recommend Track1099 or Tax1099 to complete the IRS filing, or send the information to your accountant to complete the filling.  The IRS introduced 1099NEC in 2020, so there's been some changes in your Brokerage's Settings that will need to be adjusted for reporting going forward.


Tax Settings

  • Turn on your reporting by adding the year(s) in the Allowed Tax Years field.

  • Enter your Threshold amount in Tax Reporting Threshold field.

  • Set your Other Income/Mentor Fee Income reporting

All Commission income reports in Box 1 on your 1099NEC forms.  However, you can choose to omit/report Other income, Mentor Fee Income by deselecting/selecting their checkboxes on your Brokerage's settings.


Reports>Tax Returns 

Reporting options have changed in Loft, both your PDF & CSV files will now include inactive agents but you will need to add the option to report Outside Brokerages, to do so, select the option in your Tax Returns Report. Please note, government filing requires Tax IDs, so if you are reporting for Outside Brokers you'll need to add their Tax IDs into their org profiles.

First Year setup

In your first year with Loft, please review the following information and update us as soon as possible:

Company/Brokerage business tax number

Enter this on the Brokerage page, click Edit, enter # into the Tax ID field, save your changes.

Agent & Company Tax Numbers

Ensure your Agents, Agent's Organizations, and Outside Brokerages have their tax id/business #'s are present in their respective profiles, for more information regarding this, read here.

Commissions Reported NET or GROSS

When setting up your fees during onboarding, we always default (unless directed otherwise) to set your deductions/fees to NOT net out Gross Commission incomes. You can change how your deductions are reported, to learn more, read about it here.

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