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8 Items You're Missing From Your Real Estate Agent Tax Deductions

Posted by Victoria Deubler

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Jan 7, 2016, 7:30:00 AM


As a real estate agent, you’re more than likely to invest your own money into building your business - and boy can it add up! With tax season quickly approaching, there are several ways you can save yourself (and your business) some money. With so many expenses directly related to your real estate business, it can be a bit hectic preparing taxes.


Don’t overlook these real estate agent tax deductions this year:


Car Expenses:
As an agent, you're constantly in your car. You're either driving to meet clients or driving clients to see properties. The gas alone can add up, but add in parking fees and maintenance, and using your car becomes a huge business expense.

Office Supplies:
Did you know that if certain office supplies are used within one year you can expense it? Items that you may use on a daily basis, like staplers or tape, can potentially be considered for tax deductions.

Professional Services:
If you invested in any type of professional service for your real estate business in the last year, you may be able to use the expense as a deduction this tax season. Did you hire a professional home stager in 2015? Expense it!

Online Marketing Services:
Business investments in online marketing, such as real estate software that helps you follow up with leads and expand your business, can also be added to your tax deductions. Make sure to hang on to those monthly receipts!

Real Estate Training:
If you’ve attended any real estate trainings or continued education courses to improve your real estate skills - you can count incurred fees as business expenses.

Networking Events:
Did you pay for and attend any professional networking events last year? Well, they may be tax deductible! Take a look at the events you attended for your business last year.

Cell Phone Usage:
Your cell phone is the primary device used to interact with your leads and clients, so it only makes sense that some of your cell phone expenses are tax deductible. Without it - your business wouldn’t run!

Client Gifts:
Did you get your clients any closing gifts last year? While there is a cap on how much you can deduct from client gifts - you can file them as an expense.


Remembering to add these tax deductible items and keeping track of all your receipts can help you maximize your business expenses. And of course, always verify tax ordinances and IRS (internal revenue service) regulations, so you can properly file your taxes this year.


 How do you organize your real estate business? Share in the comments below.

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Topics: Practical Advice

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