Cheat Sheet Of 100+ Legal Tax Deductions For Real Estate Agents

Real estate agents, who are by and large self-employed, can relate to the importance of tax deductions. By reducing your taxable income, deductions naturally become your best friend during tax time.

The problem, though, is determining what can be written off, and what can’t. It’s always best practice to consult your accountant, but a cheat sheet sure helps jog the memory so you don’t overlook anything you’re entitled to take.

Such a cheat sheet is exactly what’s below, thanks to two folks: 1) Fred Podris of Podris Tax Service who compiled the list, and REALTOR® Brenda Douglas who kindly posted it to Facebook for all to benefit from.

One problem, though. This cheat sheet, which was originally intended as a print-out, isn’t legible in digital format (see below). No worries, though. Just keep scrolling and you’ll see that we’ve transcribed it for easy reading.

(Disclaimer: We’re not a tax expert, and we don’t play one on the Internet. Consult your accountant for tax advice. What’s below is simply a list for quick reference.)

Advertising

Billboards

Brochures/Flyers

Business Cards

Copy Editor Fees

Direct Mail

Email Marketing and Newsletters

Graphic Designer Fees

Internet Ads (Google, Facebook, etc.)

Leads/Mailing Lists

Marketing Services

Networking Event Costs

Post Cards

Print Ads (Newspapers and Magazines)

Promotional Materials

Radio Ads

Signage/Banners

Television Ads

Web Design

Web Hosting and Domain Fees

Agent Improvement

Books (Sales Books, RE Books, etc.)

Continuing Education

Magazine Subscriptions

Newsletter Subscriptions

Sales Training/Coaching

Seminars

Textbooks/Reference Books

Trade Publications

Auto

Either Business Mileage (55.5 cents per mile) Or… Auto Expenses

Car Washes

Depreciation/Lease Payments

Gas

Insurance

Interest

License/Registration

Maintenance

Repairs

Tires

Both Methods can Deduct

Car Washes

Tires

Business Travel

Airfare

Car Rental

Dry Cleaning/Laundry

Lodging

Meals

Parking/Tolls

Taxi, Train, Subway, Bus

Tips

Business Meals / Entertainment / Communication

Answering Services

Cell Phone Service

Fax Expenses/Efax

Interactive Voice Response (IVR)

Internet Service

Office Telephone/VOIP

Pagers (those still exist?)

Toll Free Number

Equipment

Briefcase

Calculator

Camera/Lenses

Cellphone/Smartphone

Cleaning Equipment (Vacuum Cleaner)

Computer

Equipment Repair

Flashlight

GPS

Hard Drives/Thumb Drives

Ipad/Tablet PC/Android

Laptop

Lock Boxes/Locksmiths/Keys

Maps

Printer

Scanner

Staging Items – Furniture

Tape Measure

Video Camera

Employee Wages

Clerical Support

Family Wages (kids/spouses… really)

Payroll/Unemployment Taxes

Sales Assistant

Virtual Assistant

Health Insurance, Home Office

Insurance

Mortgage Interest/Rent

Property Taxes

Repairs/Maintenance

Security System

Utilities

Office Expenses

Desk Fees

Client Refreshments (Coffee, Water, etc.)

Copier Fees

Janitorial Services

Office Furniture

Bookshelves

Chairs

Desks

Filing Cabinets

Office Supplies

Envelopes

Folders

Paper

Pens

Postage

Stationary

Toner/Ink

Office Rent

Online Storage of Business Files

Software

Professional Fees

Association Dues/Fees

NAR

NAIREB

NAREB

NAEBA (how many combos of those letters are there???)

CREA

Chamber of Commerce

Bank Fees

Bookkeeping Fees

Business Licenses

E & O Insurance

Franchise/Affiliation Fees

Interest on Business Purchases

Legal Fees

MLS Fees

Tax Prep Fees

Retirement

Defined Benefit Plan

Self Employment Pension (SEP)

Simple IRA

Solo 401k

Selling Expenses

Appraisal Fees

CL100 Fees

Client Gifts (<$25 per client)

Closing Attorney Fees

Concessions

Courier Services/Delivery Fees

Finder Fees/Referral Fees

Home Repairs to sell listed property

Home Warranty

Inspection Fees

Notary Fees

Open House Expenses

Photo Editing

Staging Fees

Start Up Expenses

Including organizational costs