What to Keep for Taxes as a Real Estate Agent | Virtuance Blog
Abstract
Real Estate Agent Deduction Receipts You may deduct some business expenses from your gross income when calculating taxable income. To qualify for certain deductions, you must itemize your deductions on Schedule A. You can claim miscellaneous deductions on Schedule A. These include unreimbursed business expenses, home office expenses, moving costs, and charitable contributions. The Standard Deduction is the most common deduction taken by real estate agents. If you are married and filing jointly, you can split your deductions between spouses meaning each spouse can claim half of the standard deduction. The mortgage interest deduction is the other significant deduction used by real estate agents. Make sure you keep your meal receipts organized to quickly see which ones qualify for the deduction. Sales Commission Expense Deduction If you sell the property as part of your job, you can deduct the commission you receive when calculating your taxable income.