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Susan Emo
Sotheby's International Realty Canada - Brokerage - Kingston, ON
Kingston and the 1000 Islands Area

I think you'd be better off speaking to your tax consultant or accountant.

Sep 14, 2016 02:32 AM
Rainmaker
1,231,853
Mary Yonkers
Alan Kells School of Real Estate/Howard Hanna Real Estate - Erie, PA
Erie/PA Real Estate Instructor

Talk to your tax consultant for best advice

Sep 14, 2016 10:33 AM
Rainmaker
5,772,575
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Ask your accountant.  A

Sep 14, 2016 02:12 AM
Rainmaker
2,182,502
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

CAR is the biggest ! Marketing , Supplies , Career Apparel, Education/Traveling  are some of the biggest deductions !

Sep 14, 2016 01:52 AM
Rainmaker
1,466,207
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

All business expenses. Avoid taking deductions that you cannot back up with receipts.

Sep 14, 2016 01:44 AM
Rainmaker
1,525,616
Sybil Campbell
Fernandina Beach, FL
Referral Agent Amelia Island Florida

I would suggest you consult a CPA or tax attorney.

Sep 14, 2016 09:36 AM
Rainmaker
290,969
Allie Angeloni
Long Realty - Oro Valley, AZ

The only thought that immediately comes to mind, which isn't technically 'advice', is to save and document all receipts for any and everything.  Our CPA or Accountant handles the details.

Sep 14, 2016 09:27 AM
Rainmaker
5,104,931
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Depends on your tax situation and how you are filing. Get advice from your tax advisor/accountant.

Sep 14, 2016 06:15 AM
Rainer
21,291
Grace Hanamoto
Intero Real Estate - Sunnyvale, CA
Quality, Knowledge, Professionalism, Experience

First,  unless one is trained to do taxes, any advice you might get may not apply to you.  Even though my degree was in accounting and I practiced for many years, I know that ONE person's tax situation can differ greatly from another's, so talk to your CPA or tax professional to get the most reliable information for you circumstances.

But as a guide, look to Schedule C to see the available types of tax deductions.  Also, document ALL of your expenses.  I cannot promise that all of it will be tax deductible, but its always better to give your accountant MORE information than less.

Good luck!

Sep 14, 2016 04:32 AM
Rainmaker
4,800,082
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Your accountant should be able to guide you through this.

Sep 14, 2016 04:31 AM
Rainmaker
2,817,671
Debbie Gartner
The Flooring Girl - White Plains, NY
The Flooring Girl & Blog Stylist -Dynamo Marketers

Deduct all business expenses (e.g. marketing, mls/brokerage fees, meals related to marketing (I think you only get 50% on that), mileage, phone, etc.

enter into quickbooks.

Avoid anything you can't back up.

Independent of that, speak w/ a CPA (e.g. mortgage tax deduction, health care, donations, etc).  Keep receipts.

Anything you aren't sure about, ask your CPA.

Sep 14, 2016 01:51 AM
Ambassador
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Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Prop. Mgr, Wenatchee, WA

They are substantial.  Here is a link to a checklist provided by Inman.

Sep 14, 2016 10:04 AM
Rainmaker
4,160,362
John Pusa
Glendale, CA

You should consult with your accountant.

Sep 14, 2016 06:49 AM
Rainmaker
2,781,163
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Business related expenses are deductible. I outsource this subject to my CPA/Attorney for decades now.  So far, so good

Sep 14, 2016 05:36 AM
Rainmaker
1,157,785
FN LN
Toronto, ON

It is not possible to provide advice without even knowing what jurisdictions you may be subject to tax in.

Sep 14, 2016 05:20 AM
Rainmaker
1,239,901
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

deductions. Keep in mind irs watches reatlors deductions like hawks.

Sep 14, 2016 02:19 AM
Rainmaker
711,852
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

Your accountant should be able to advise. One typical is office in the home - provided you use this as your workplace.

Sep 16, 2016 12:58 PM
Rainmaker
4,434,127
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Talk to an accountant.

Sep 14, 2016 10:04 PM
Rainmaker
7,836,129
Roy Kelley
Retired - Gaithersburg, MD

Your CPA will provide the information you need.

Sep 14, 2016 08:40 PM
Rainmaker
4,319,419
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

This is more of a CPA question! I just send my expenses to her and she knows the best.

Sep 14, 2016 03:47 PM
Ambassador
6,393,154
Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

Stop by the library, there is a wealth of info on deducting the expenses of a small business.

Sep 14, 2016 01:39 PM
Rainmaker
864,658
Les & Sarah Oswald
Realty One Group - Eastvale, CA
Broker, Realtor and Investor

Contact your accountant as there are many business deductions that you can write off.

Sep 14, 2016 12:33 PM
Ambassador
3,345,091
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate Services

That is an accounting question ... 

Sep 14, 2016 11:35 AM
Ambassador
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Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

Find a CPA who believes in aggressive tax avoidance.

Sep 14, 2016 11:10 AM