Common Tax Deductions for Real Estate Agents and Brokers


A lot of agents are often confused about what tax duties they can take. Many agents make the mistake of not taking enough debts, which can save you hundreds if not thousands of dollars.

Advertising Costs: Signs, newspaper advertising, flyers, online advertising, post cards, promotional materials, Yellow Pages, Promotional flyers and mailers, Radio and TV ads, Internet ads, Ad agency fees, and Business cards.

Professional Fees: Your MLS Board Dues, Realtor Dues, Renewal fees with your state board, Errors & Omissions Insurance.

Bad Debts: NSF checks

Education Materials: Did you take Continuing Ed classes or Seminars? Purchase Books and Magazines?

Car / Driving Expenses: This is an obvious one most agents remember - but many often get confused about how much mileage they can deduct or how to separate "personal" and "business use". You can choose to deduct per mile driven or you can also do the actual cost of insurance, gas prices, repairs & maintenance, and other vehicle expenses.

Office Equipment: Office equipment can include desk fees if you have them at your office, computer / software, phone fees, cameras, office supplies, and anything else related to necessities of running your office.

Wages Paid: Did you pay an assistant? Hire someone to help you? Did you pay out any referral fees to other agents? All of these may be deductible as well.

Keys and Key Boxes: Did you purchase key boxes or have leys made?

Business Entertainment: You can deduct fees for dinners, event tickets that are business oriented, entertaining for business at home, and anything else related to costs you incurred for entertaining business clients.

Gifts: you may deduct up to $ 25 per client per year for these gifts, not to exceed the actual value of the gift.

Health Insurance: For the self-employed, you are also entitled to a health insurance deduction and qualified long-term care insurance for you and your family in a plan established under your business.

Home Office: you are entitled to a home office deduction.

Whether you are just launching your real estate career or have been in the business for years, we will change how you manage your real estate agent business, home office and personal finances so that you have more time to do the things that make you money- working with buyers and sellers.

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