The Real Estate profession and the IRS

Real Estate Agent with Keller Williams GCW

I'm no stranger to being a lowly 1099, but I am interested in researching more about getting the maximum taxation benefits from being a Realtor.

I save every receipt from every purchase, log every mile from every trip, what else do I need to add to my daily routine? 

Can someone suggest sites, blogs, books or other channels for me?

What about filing as an LLC? Anyone out there had success with this form of business filing?




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Julia Paul
Pahoa Properties LLC - Pahoa, HI
Any traveling you do for classes, conventions are a tax write off. Any office equipment you purchase. Your auto registration if you use your auto for business. Advertising, mail outs and all promotional material and contributions in the community. Of course it is best to consult with a CPA to see what is allowable in your state. You could join us in Maui for the next two day CRS course and write off your accomodations, food and airfare..
Oct 12, 2007 06:40 AM #1
Darko Arsenijevic
EWM - Miami, FL

In this market when we write off all that maybe government will owe us some money...

Oct 12, 2007 07:11 AM #2
Christine Bohn
RE/MAX Professionals - Gainesville, FL
The Bohn Team, Gainesville FL
I have been an Realtor since 1999, and last tax year - my CPA convinced me to incorporate.  It is a sub-chapter S Corporation.  And in Florida, a professional association must be "your name, PA".  My real estate license had to change also to the  "Realtor Name, PA".  For me, it is a good thing.  Talk to your tax man.
Oct 12, 2007 08:46 AM #3
KC Coonc
Windermere Real Estate/Whatcom, Inc. - Bellingham, WA
Bellingham Commercial Real Estate


Personally incorporating in Washington State is the most effective means of lower your tax burden. This entity must be wholly owned by the agent personally to be able to receive commission payments from a broker. Keeping a separate bank account and being an employee of your corporation is how it should be operated.

States obviously vary in law so confirm with a CPA/Attorney for the best possible advice.

 It is truly worth it.

Oct 12, 2007 09:02 AM #4
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