What Can I Deduct From My Taxes as a Real Estate Agent? | Virtuance
What Can I Deduct From My Taxes as a Real Estate Agent? | Virtuance
Abstract
To help with this, we have compiled a list of the most common tax deductions for real estate agents: Deduction Commissions Paid Often, the first question agents have is about commissions paid. Deduction Home Office You can apply several deductions if you run your real estate business from a home office. You can use either the Simple Square Footage Deduction or the Itemized Deduction. " For the Itemized Deduction, an agent calculates the percentage of the square footage of the office and then applies the percentage to home expenses like rent, utilities, repairs, mortgage interest, etc. Deduction Standard Auto Most real estate agents spend a good amount of their time driving, and the cost of gas is higher than usual. Deduction Gifts In real estate testimonials, many buyers and sellers cite closing gifts as a thoughtful gesture from their agents. Agents across the nation benefit from the PATH Act to maximize the number of business-related deductions.