7 Often Overlooked Real Estate Tax Deductions

Posted by Jessica Schweppe

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Feb 2, 2015 7:00:00 AM

Disclaimer: This blog post was created to provide information on possible deductions. Always consult your tax professional when filing. 

real_estate_tax_deductionsIt’s tax season – and you know what that means… time to organize all those receipts and make sure you’re maximizing your deductions. As a real estate business owner, you have the opportunity to claim dozens of items as business expenses.

Rule of thumb: to qualify as a deduction, your expense must meet these three criteria:

Here are 7 of the most commonly missed real estate tax deductions:

  1. Health Insurance

    Self-employed individuals qualify for health insurance premium deductions. With the recent changes in health care, this can be a huge asset to small business owners. Make sure you take advantage!

  2. Business Travel Expenses

    Transportation, lodging and conference fees for business travel all qualify as deductions. You can also deduct 50% of your meals. When you're home, use the Mile IQ app to track your own mileage for deductions. 

  3. Accountant Fees

    Need professional help organizing your business taxes? No problem! Accountant fees are also tax-deductible.

  1. Electric & Internet

    If you work out of your home, a percentage of your necessary utilities costs like your electricity, Internet and phone bills, are tax deductible.
  2. Homeowners Insurance

    Another work-from-home perk is the ability to deduct a portion of your homeowners insurance. If you live in a managed community, you can also deduct a portion of your HOA fees.
     
  3. Advertising

    If you’re spending to advertise your business, you can deduct those costs. Deductions cover everything from newspaper ads to logo clothing.

  1. Professional Membership Dues

    Do you belong to The National Association of Realtors® or other professional organizations? Your membership dues are… you guessed it, tax deductible.

    Pro Tip: Software Savings
    Know what else you can deduct? Real estate software!
    Learn more about our affordable, effective lead conversion software.


I hope this list helps you find some valuable tax savings this year!



Getting ready to file?
Download our free real estate tax deduction checklist!

Get our Free Real Estate  Tax Deduction Checklist

Topics: Practical Advice

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