Rev. Rul. 54-571

Commissions retained by a real estate agent from rentals collected and paid to property owners, as well as other deductions made from such rentals, are considered as having been paid by the agent to the owner and, in turn, paid back to the agent for the purpose of discharging the owner's obligations or upholding his interest with respect to the property. It is therefore held that a real estate agent must report on Information Return, Form 1099, the gross amount of rents collected on behalf of the property owner prior to the deduction of commissions, fees or expenses, if such amount paid to any one property owner totals $600 or more during the taxable year.