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| *Loan,banking and credit>>>real estate tax |
Tax for real estate agents? |
I just became an agent this year. With the way the housing market is going I would be locky if i would be able to make any money this year. My qestion is: Would i be able to deduct all my spendings (RE Licence RE membership fees . . . .) as a tax deduction. Any help would be apresiated. Most real estate agents are independent contractors, and thus are self employed. You will file a Schedule C and you get to deduct a lot of your business expenses. In general real estate licensing fees and dues are deductable (the portion of the NAR dues used for the political action campaign is not deductable, but the rest is). Keep a log of your business use of your car and track mileage. I buy a weekly planner each year and keep it in my car. I record my business mileage along with the purpose, and also note tolls, parking, car washes, and other car expenses there as well. You must have a mileage log, or the IRS can reject your mileage deduction in an audit. If you don't already use someone to prepare your taxes you might want to find someone know and have them tell you more. (I'm not a tax advisor - so I do recommend you speak to a professional. You can also check the IRS website for their publications.) Yes you can deduct all of those, advertising costs, clients gifts up to $25, equipment used for work, postage and donations you make as long as you keep your receipts. Hope things pick up for you!!! It all depends on where you live of course. I live in Alberta Canada, and I work from home. I can claim all expenses such as any office equipment. certain portion for rent according to the rent I pay on my apartment. Same with utilities, light, phone. Also keep mileage on your car and you can claim a certain amount of that for gas. You can claim if you take a client out to lunch etc,.I believe it is the same in the USA. You should ask the company that you are an agent with. Yes, you can deduct everything business or education related... at least.. here in Alberta Canada you can. ;) Yes you can. You can deduct your office supplies, mileage, taking clients to lunch, charitable donations, postage - all sorts of things. I have a great accountant, you should too. Good luck to you, the busy season is here. Chin up! Oregon Realtor |
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