Schexnaydre Law Firm, LLC

Hey! Realtors and Real Estate Agents are Businesses, too!

Did you know that self-employed individuals who are issued 1099s, like Realtors and real estate agents, are considered individual business entities for purposes of the Deepwater Horizon Settlement Fund (commonly referred to as the BP Claim fund or BP Oil Spill settlement)?  That's right!  In addition to the Real Estate Broker (or agency) being able to file a claim under the Business Economic Loss category of the BP Settlement Fund, individual real estate agents and Realtors can do so as well.

While the preferred method of documenting business revenue and expenses under the BP Settlement Fund is to produce monthly Profit & Loss Statements (or Income Statements), most individual Realtors and real estate agents do not keep such documentation.  Rather, they receive their monthly commissions, get a 1099 at the end of the year, gather up their receipts for business expenses, and turn them in to their accountants or CPAs at the end of the year.  Well, worry not because the law firm of Pajares & Schexnaydre (www.pajares-schexnaydre.com/BP-Claims-Do-You-Qualify.shtml) has a team of dedicated individuals with finance and business backgrounds who can take that documentation and reconstruct monthly Profit & Loss Statements that are acceptable to the Claims Administrator for the BP Settlement Fund.

So, for an individual Realtor or real estate agent to pursue a claim for Business Economic Loss under the BP Settlement Fund, he or she needs to provide to Pajares & Schexnaydre the following documents: (1) a spreadsheet obtained from their Broker (preferably with the Broker's letterhead or logo) setting forth the Realtor's monthly commissions from January 2007 through December 2011; (2) income tax returns from 2007 through 2011, complete with all 1099s; (3) receipts of all expenses claimed on the tax returns.  From these documents, Pajares & Schexnaydre can advise whether the Realtor or real estate agent qualifies for a claim under the BP Settlement Fund and, if so, the amount for which a claim will be made.

No Comments

Leave a comment
Comment Information

Contact Schexnaydre Law Firm, LLC

Fill out the form below to schedule an initial consultation. Initial consultations can also be secured at this toll-free phone number: 888-339-0696.

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Schexnaydre Law Firm, LLC
2895 Highway 190, Suite 212
Mandeville, LA 70471

Toll Free: 888-339-0696
Phone: 985-231-1791
Fax: 985-235-1089
Mandeville Law Office Map

map
Review Us
Back to Top