Let be honest: being a real estate agent has its perks... but after you calculate your tax bill, you'll quickly realize that taxes isn't one of them. This is an ultimate guide to tax deductions for real estate agents that'll help you lower your tax bill and keep more of your hard-earned money!
Your state license renewal, MLS dues, and professional memberships, are deductible.
Online and newspaper ads, photography, staging, and signage are all tax deductible.
Registration fees and materials for courses like BOLD or GREL are tax deductible.
Commissions you pay to other agents or employees are fully deductible business expenses.
If you're with a national franchise or an independent broker, desk fees are deductible.
General business, as well as Errors and Omissions (E&O), insurance are tax deductible!
Lead generation software, like CRM or marketing automation software, is tax deductible.
Office-related purchases like stationery, photocopies, and monitors are tax deductible.
Your monthly phone bills are expensive! Good thing the cost is partially deductible.
If you use your phone for work (who doesn't?) then it's partially deductible.
Gas is expensive! A portion of your gas station fill ups are tax deductible.
Oil changes, repairs, and regular checkups are all tax deductible if you drive for work.
Car insurance, roadside assistance, registration costs, etc. are all tax deductible.
Parking for a meeting downtown or other work trip is tax deductible!
A toll while driving to or from a work destination is tax deductible!
If you drive you own vehicle, you can write off the annual depreciation of it's value!
A desk, chairs, lamps, and other home office necessities are all tax write offs.
Your comcast bill is a tax write off. You need internet to do your job!
Whether rental or homeowner insurance, you can write off a portion as part of home office.
Gotta keep the lights on in your home office! A portion of your electricity bill counts.
It'd be hard to work in an office without running water, huh? You water bill counts.
Whether you pay rent or own your home, a portion of those expenses are tax deductible.
If you discuss work with a coworker, client, or even a friend, it's a write off!
Planes, trains and automobiles are all work travel costs that can be written off.
When you travel for work, lodging expenses such as hotel rooms or Airbnb are write offs.
When you're traveling for work, all meals are tax deductible. Even takeout.