Real estate brokerage fee cash receipts cannot be refused
Recently, there have been cases where consumers are refused a cash receipt after paying brokerage fees in cash during real estate transactions. Since cash receipts are an important means of receiving income tax deductions during year-end tax settlements, many consumers are experiencing inconvenience.
Under current law, real estate agents are required to issue a cash receipt for transactions of 100,000 won or more, even without a request from the consumer. If a real estate agent refuses or avoids issuing one, it constitutes a clear violation of the law.
If a real estate agent refuses to issue a cash receipt, consumers can report it directly through the National Tax Service Hometax website or the local district tax office. Once the report is filed, a fact-check will be conducted, and the real estate agent may be subject to a fine; the consumer will also be able to receive the income tax deduction for the unissued amount.
As real estate transactions involve large sums of money, transparency is crucial. If you have paid a brokerage fee in cash, you must ensure you receive a cash receipt to protect your legitimate rights.
If you are planning a real estate transaction in the future, it is advisable to confirm the issuance of a cash receipt from the contract stage. Creating a proper transaction culture begins with the active interest of consumers.