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2018 IRS Entertaiment Deduction Changes - Watch out Agents!

By Steve Penner

Real Estate Sales Representative with Royal LePage Dynamic RE / Pro Ledger Bookkeeping Software

February 01, 2018 11:46 AM

Real Estate Agents should be aware of the IRS changes to meal & entertainment deductions that started Jan 1, 2018.

There are a number of significant changes to meals and entertainment deductions ... rather than me telling you all about it, you may want to watch this 5 video from tax expert Mark Kohler (posted with permission).

UPDATE: Oct 31, 2018... see video below for details.

Our Products and Services:

** bookkeeping software for real estate agents: www.agentledgers.com
** virtual bookkeeping services for real estate agents: www.myvirtualbookkeeping.com

Note: This is general information to help you gain an understanding of U.S. tax laws. I am not a tax attorney or tax preparer. Please consult a qualified expert when you are preparing your tax returns or making tax-related decisions.

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Gloria Valvasori, Accredited Senior Agent

BETTER HOMES AND GARDENS REAL ESTATE SIGNATURE SERVICE - Mississauga, ON

REAL Experience | REAL Commitment | REAL Results!

Thankfully I don't have that problem as I live in Canada, where entertainment deductions, where clients or business is conducted are still deductible, as they should be.

Feb 01, 2018 12:25 PM

Steve Penner

Winnipeg, MB

Steve Penner

that is fortunate... thanks for the comment!

Feb 01, 2018 12:56 PM

Michael Setunsky

Woodbridge, VA

Your Commercial Real Estate Link to Northern VA

Steve Penner I was not aware of this. Thanks for the heads up.

Feb 01, 2018 01:26 PM

you are welcome

Feb 01, 2018 01:53 PM

Silvia Dukes PA, Broker Associate, CRS, CIPS, SRES

Tropic Shores Realty - Ich spreche Deutsch! - Spring Hill, FL

Florida Waterfront and Country Club Living

Thank you for the update. I wasn't aware of it.

Feb 01, 2018 01:51 PM

Mary Yonkers

Erie, PA
Steve Penner

Winnipeg, MB

Royal LePage Dynamic RE / Pro Ledger Bookkeeping Software - Winnipeg, MB

REALTOR® / Pro Ledger Online (owner)

yes, was a bit of a surprise when they did away with that one... may find a few agents rethinking how to spend their promo money.

Feb 01, 2018 01:55 PM

Mary Yonkers

Alan Kells School of Real Estate/Howard Hanna Real Estate - Erie, PA

Erie/PA Real Estate Instructor

Steve Penner Thanks for the tax update. I will check with my CPA shortly.

Feb 01, 2018 03:30 PM

Peter Testa

Nationwide Homes - Danbury, CT

PETER TESTA

That's not good news for Agents. Thanks for making us aware of the change.

Feb 01, 2018 03:49 PM

Anthony Kirlew

Group 46:10 Network @ eXp Realty - Gilbert, AZ

Helping You Make Fiscally Sound Real Estate Deals!

I did hear. It's very disappointing (and surprising) news.

Feb 06, 2018 11:15 PM

Grant Schneider

Performance Development Strategies - Armonk, NY

Your Coach Helping You Create Successful Outcomes

Good morning Steve - there are some changes here and people need to read up. No more golf outings of tickets.

May 08, 2018 06:54 AM

Don Baker

Lane Realty - Eatonton, GA

Lake Sinclair Specialist

That's okay my tax rate went down enough to pay for that 50%

Jul 23, 2018 02:44 PM

2018 IRS Entertaiment Deduction Changes - Watch out Agents!

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