Wednesday, May 8, 2013

Real Estate Agent Tax Guide

If you like the blog, buy my book: Everyday Taxes 2015 only $6.99 for Kindle!  Paperback $12.49 or less!  Makes a great purchase gift for your clients!


So you've got your real estate agents license and that first commission is finally on the way.  No way around it now, you have taxable income.  The question is, how much?  And, how do I pay as little as possible?  This post assumes that you will be paid on a 1099MISC, as a self employed Real Estate Agent.  If you're getting a W2, some of this will be useful, but not all.  I'm also assuming that you work for a real estate company, and aren't completely independent.  Much of this advice isn't gospel, it's just what I've seen and think works best.  In some ways, it's a list of "best practices."  As always, you should use this post as a starting point, and seek professional assistance when it comes to your personal situation.  I am also going to assume you have not formed a complex business entity such as an S Corporation or Multi Member Limited Liability Corporation.  There are benefits and disadvantages to these, but you need to talk to a professional to understand them.

I'm going to start with some basics, and then get into details.  The first big surprise you will have is that nobody's taking taxes out of your paycheck.  You have to pay it all as you go, or at the end of the year when you file your tax return.  The second thing is that there's nobody to pay for Social Security taxes except, well, you.  Most people are barely cognizant of the 7.65% that's taken right off the top for Medicare and Social Security taxes out of their paycheck.  What even the most aware don't realize is that their employer matches this deduction!  As a 1099 recipient (self employed is the IRS term) you have to pay both the employee and employer portion!  This means a 15.3% additional tax!  Imagine you're in the 15% tax bracket - that means you actually pay 30.3% taxes!  And this doesn't even cover state taxes!

The good news is that, unlike a W2 employee, you only pay these taxes on your 'net' income.  This means you get to take all ordinary and necessary expenses off the top, before you pay a dime in taxes.  Even employees with business expenses still pay their half of Social Security and Medicare taxes before any deductions.  So what is 'ordinary and necessary'?  I like to boil it down into two categories: 1 - things you pretty much have to pay - like licensing, commissions and fees. 2 - things you pay because you expect them to increase your income.  If they meet either of these requirements, they're pretty much a lock as being deductible.  

Knowing the above, it's important to give one of my biggest pieces of advice - you pretty much should NEVER do something just because you expect it to help on your taxes.  Spend money only if you have to, or because it's the best idea for your business!  This has two benefits: 1 - you don't waste money on stupid s**t.  2 - chances are the deduction is legitimate.

So now comes the part you've been waiting for: What the hell can I deduct?  Here's a non exhaustive list, with some details, to get you started:

Marketing Expenses:  Business cards, website fees, MLS dues, lead generating expenses, posters, signs, sponsorships, commercials, advertising, pretty much anything you do to get someone to call YOU when they want to buy or sell a house.  As a non-tax aside, you need to evaluate these carefully, and talk to experienced agents to find the best of these.  Your commissions are big, but come infrequently.  You need to understand how much you spend for each commission so you can properly evaluate what works best.

Good, cheap marketing techniques here (this purchase would be a tax deduction : )

Guerrilla Marketing, 4th edition: Easy and Inexpensive Strategies for Making Big Profits from Your SmallBusiness

Gifts and Referral Rewards:  Gifts to clients are generally limited to $25 per person, per year.  (That’s the deductible amount, you can give more.)  Be careful of referral fees.  You should have received more training on this than me to get your license, but I will simply remind you that there are varying rules from state to state, as well as RESPA requirements that restrict what amounts, how and to whom you may pay a referral fee, so, check with your senior brokers before paying these.  If the referral fees are legal, there are ways to deduct them, but talk to your tax professional about them.

A great gift for buyers would be a copy of my tax book.  It's based on life events and has chapters like, I'm Getting Married, I'm Having a Child and, wait for it...I'm Buying a House!  Please consider buying a ton and giving them to your new homeowners - they'll thank you!
Training, Education and Licensing:  Whatever you pay to maintain your ability to be an agent is deductible, as well as things you do to increase your skills, as well as what you are allowed to do in the field.  Classes, seminars, books and certificates mostly all qualify.

You could deduct this book - which will also help you make more money in your business:
EntreLeadership: 20 Years of Practical Business Wisdom from the Trenches

Insurance:  I'm not talking about homeowners insurance here.  I'm talking about ‘oops I screwed up and my client is suing me insurance’; or someone who's not my client.  Sometimes this is called Errors and Omissions Insurance.  If your state or agency doesn't require it, get it anyway!  Also, if you pay a rider to your car insurance for business use, the difference between that and regular insurance is deductible.  There is also a self employed health insurance deduction that allows you to deduct your health insurance costs if you have no other insurance source (if you can get insurance through your spouse's work this is a no-go.)

Entertainment Expenses:  Eventually you'll be with a client, or potential client, and pick up the tab for lunch, or dinner, or a stripper (don't do that - it's tacky - and questionable as a deduction).  Generally, if you expect the expense to result in a sale that makes you money, either immediately, or in the future (whether it ultimately does or not doesn't matter, as long as you expect it to) it's deductible.  I recommend writing the name of the client on the receipt, as well as a quick description - "house hunting", "referral source", "potential client" or something like that.

Travel Expenses:  These are a toughie.  People love conflating personal and business travel.  If you travel to Maine to visit family and see the lobster festival, and go to dinner with a client that is moving to your area, the trip is primarily personal.  You can deduct expenses DIRECTLY RELATED to the meeting with the client, but little else.  I recommend keeping business and personal separate.  You can visit a friend for dinner on a three day business trip, but don't do business for an hour on a three day personal trip.  Also avoid what I call BS travel.  Flying to Vegas to assess potential real estate markets is transparent vacationing disguised as business travel, especially if you spend 23 out of every 24 hours in the casino!  Be reasonable!  Go on trips that are going to increase your money-making potential.  Stay away from any others.  For legitimate travel, you get airfare, rental car, tips, taxis, laundry, internet and phone, as well as 50% of meals and any other reasonable and necessary expenses.  Travel assumes overnight trips away from your home area.

Cell phones, laptops and tablets:  Do yourself a favor, get a business only laptop, cell phone, tablet and/or computer.  It is simply too difficult to calculate expenses on a part personal and part business electronic device.  Don't share your business number with friends and family (other than wife and kids).  If you keep everything separate, the deductions are easy and legitimate.  If you don't, you have to establish a business use percentage, and worry about listed property rules - which suck!

Vehicle Expenses:  Keep a mileage log.  Let me say it again, unless you have a vehicle that is 100%, no s**t, total business and no personal use, keep a mileage log.  Don't worry about gas, repairs, oil changes, insurance or any other car expenses (except as discussed above under insurance).  There are other ways to track vehicle expenses, but mileage is the best.  Do track annual car taxes and finance charges.  The easiest mileage log is a notebook where you right the date, the trip purpose and the miles driven.  You will also need to know the total miles the vehicle is driven for the year, so write the odometer reading down every January 1st!  Mileage will be one of your biggest expenses, so keep track of it religiously!  10,000 miles of properly tracked vehicle mileage can result in $1500 of tax savings!  Mile IQ is the absolute BEST way to track this.  It is a mobile phone app that AUTOMATICALLY tracks your mileage every time you drive.  Then a simple swipe categorizes it as business, personal, medical or charity.  You can add notes to each trip and print a report for filing taxes.  It even keeps a running total of your deduction amount!  It costs a small amount to use (which is deductible) but is a MUST!

Home Office:  Set aside a space in your home that is 100% business use.  Never used for anything else, and regularly used for business.  This is where you keep your business records, your business computer or laptop, make your sales calls from and meet clients.  The tax term is regular and exclusive business use.  If you do this, you deduct a percentage of the household expenses - rent, interest, taxes, utilities, insurance, repairs, etc, based on the square footage of the office ratioed to the home square footage.  Expenses directly related to the office, such as a dedicated phone line; do not have to be ratioed.  You can also take a small depreciation deduction for the home losing value (let your tax guy handle this - it's a b**ch!)  

Employer Reported Expenses:  In many cases your employer is going to charge you for a number of different things like marketing and insurance.  They will generally track the expenses and then deduct them from your commission check when you make a sale or broker a purchase.  Virtually everything they charge you for will be deductible, but they will report the full amount of your commission on the 1099MISC at the end of the year, and then give you a report of what they charged you.  This simplifies things for record keeping, except that you need to make sure not to deduct something from the employer report twice by tracking it in your own records.

Depreciation:  Some items that you buy for your business, that have a useful life longer than a year will have to be depreciated over time rather than deducted all at once (examples include computers, digital cameras or office furniture).  There are many options for deducting it up front, but be wary of this, there are tripwires that can cost you if you dispose of something before it has passed its useful life.  Talk about these items with your tax advisor.

Record Keeping:  This is where the rubber meets the road.  Good record keeping will save you when it comes to tax time.  Your records don't need to be extensive, but they do need to be accurate and useable.  I hate double entry bookkeeping and would never recommend it as a tool for a Real Estate Agent.  I also have found that the various bookkeeping software programs are virtually useless when it comes to taxes.  They may help when it comes to managing the business, but they suck for doing taxes.  The best and easiest record keeping method I've found for Real Estate Agents involves a small notebook, a big notebook and an envelope or box.  The small notebook is for mileage, discussed above.  The big notebook is for every other expense (except employer reported expenses.)  You need simple columns set up: date, expense and cost.  You can add categories, but don't really need to, if you're unsure something's deductible, write it down and let your tax guy tell you if it's deductible.  The box/envelope is for receipts - just throw them in.  Really?  No sorting, categorizing or organizing?  No.  Simply put, your odds of ever needing them for an audit are slim to none.  Save the box, notebooks and tax returns for 7 years, and then throw it all away.  If you ever do get audited, there's plenty of time to sort through the box and organize it to match the notebooks - but why do it if it's not necessary.  If I'm doing your taxes I'm going to use the notebooks, and remind you that you should have a receipt for everything.  You don't have to prove things to me.


Separate Bank Account:  This one might be a little controversial, but I believe it's the be all end all of successful businesses.  Combined with record keeping discussions above, and budgeting discussions below, this will make everything easier.  Open a separate bank account for your Real Estate Agent business.  It doesn't have to be in a different name, just separate from your personal account.  If you use credit, get a second credit card that is exclusively for business (again, it doesn't have to actually be a business credit card, just one that you use only for business).  Put all Real Estate income in this account, and pay all Real Estate expenses out of it, or with the business credit card.  Pay off the business credit card out of this account.  The only expenses not paid out of the account are car expenses (especially gas) and home office expenses that will be divided based on square footage as discussed under home office above (utilities would not be paid out of the account, but office supplies and business only cell phone would).  The beauty of this method is that it simplifies budgeting as we'll discuss below, and it allows reconciling of expenses to make sure your notebook covers everything.  A good tax expert should be able to compare your account statements with your notebooks and know if you missed something (assuming you don't intermingle personal and business expenses).

Budgeting and Saving:  Now that you have an account that is separate for business, you can start thinking about budgeting.  Your income is going to fluctuate wildly, so you can use the business account to pay a "salary" to your personal account.  I recommend letting some money build up in the business account until you have a feel for your income level.  It will probably start small, but build up over time.  Once you have a good feel, you can pay yourself this salary.  The salary should be no more than 50% of your gross income or 60% of your net income.  You need to play around with it.  Start small and raise it if income exceeds expectations, but NEVER pay yourself more than 60% of net income.  Having a salary allows you to budget like you had a normal job.  Keeping a buffer amount in the account allows you to have a "salary" even during lean months.  By paying yourself a salary and saving the rest, if you have a really big month, you end up saving more, which in turn allows you to have the money to pay the tax bill that the big month will generate.  When you file your taxes, you should have plenty of money to pay the tax bill, and still have money left to maintain a buffer, and, if you're lucky, have the ability to pay yourself a bonus to your personal account for a big purchase or vacation!

Estimated Payments:  My advice is that you should use the budgeting advice above to pay your taxes.  You'll still need to make estimated tax payments if you're making good money, but you should pay the minimum required to avoid an underpayment penalty.  Your tax advisor will calculate them for you, but to explain simply: you need to pay at least as much as your prior year's total tax liability in withholding or estimated taxes to avoid a penalty (oversimplified explanation, but really all you need to know).  This is an easy calculation for your tax guy and he will set up quarterly payments and provide vouchers for paying them.  (The timing is a little weird.  You pay 4/15, 6/15, 9/15 and 1/15.)  You can also pay varying payments to try to avoid a tax bill, but it gets complicated, and the government won't pay you interest.

I hope you find this advice useful.  If you keep good records and separate personal and business expenses you'll make your tax guy's job easier, and pay the minimum in taxes.  If your tax guy sighs a lot while viewing your records, try harder next year.

If you like H&R Block, you can get a 5% kicker on the portion of your refund that you deposit on an Amazon Gift Card.  Here's the link:
H&R Block 2015 Basic Tax Software + Refund Bonus Offer - PC/Mac Disc

If you are an experienced Real Estate Agent, help make this better by emailing me with any best practices you use, or anything I might have missed.  Feel free to leave a tip if this helps you save a bunch of money on your taxes!

As always, I’m available to answer questions at taxadvisor@email.com.  You might get a reply from a slightly different email address – that’s my phone.  It knows taxes better than I do so sometimes I let it respond!

Don't rush off!  I have a lot of other cool posts:

http://supertaxgenius.blogspot.com/2016/01/master-index-of-posts.html

For more detailed information, try this book:

The Real Estate Agent's Tax Deduction Guide

Buying from the Amazon links supports this blog!  Thanks!

60 comments:

  1. What a great resource for the beginner licensed real estate agent. Excellent work!

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  2. Thanks for a great article from a first-year agent facing tax time! It really clarified a number of issues for me :)

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  3. Feel free to ask any questions, and, if you need a tax guy - I work remotely - taxadvisor@email.com

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    1. My business partners and I have formed a S Corp for our Real Estate Brokerage. I wanted to know how I can get the rest of my commission. For example I get a $10,000 commission. I take 35% as wages and expenses lets say for another 10%. How do I draw the rest of my money without having to wait until end of year?

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  4. Thanks for the simplistic tips. I have been in the REAL biz for 11+ years - this is short, sweet, and straight to the point. No bull, this is pretty much all you need for the tax side of things. If this doesn't fulfill you enough, I recommend getting "Deduct It!: Lower Your Small Business Taxes" by Stephen Fishman. Word to your mother regarding double entry bookkeeping...it royally stinks and unnecessarily complicates matters. I use a mileage notebook and Excel, gets me through just fine. To your success!

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    1. I prefer the term not overly complicated with IRS BS to simplistic, but you're right. Keep it simple.

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  5. Great info! I tried to pin it on Pinterest, but there are no photos to pin the blog.

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  6. I use an mobile app that tracks all my mileage that I'm absolutely in love with. It is set to turn on and record when I go 6mph. It is called My Car Tracks (mycartracks.com) and WILL save you time and money. It is synchronized to the net so you can print the reports however you like. It's also extremely cheap - $15/6 months and keeps the records for up to 2 years for you. Do yourself a favor and look into it. I'm trying to tell every person I know about this as it is the best app I have on my phone, by far.

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  7. I do have a question though. What is your take on file an S-Corp to help with the self employment tax side of things, and could you do an article on that. Thank you! Loved this blog. Very matter-of-fact, and to the point.

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  8. I have heard that information a lot, and have a decent understanding of the advantages, but, since I don't prepare taxes for S Corporations I'm hesitant to provide specific advice. Best I can say is to talk to the senior real estate agents in your office and get referrals for tax pros that they use.

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  9. Here's a discussion on a forum with some wicked smart people on it:

    http://www.taxalmanac.org/index.php/Discussion:S_Corp_strategy_still_viable%3F

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  10. What type of proof is required to bring to my accountant? Do I need receipts or would bank statements be sufficient? Thanks

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  11. That depends on your accountant. I prefer the record books, no receipts or statements, but many accountants prefer to have the raw documents. I would ask your guy (or gal) what he/she prefers. You should have receipts for everything available, both for your accountant if asked, and for the IRS if asked for.

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  12. can I still prepare a schedule c if it is my first year as an agent and only have expenses but no income?

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  13. Thank-you so much! Exactly what I was looking for.

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  14. Thank you so much this is great. Can your write off the commissions you pay to your broker and mentor?

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  15. Any commissions that you are required to pay are deductible.

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  16. I have the same question as "anonymous." I finished real estate school in Sept and activated my license mid-month. Since then I have had quite a few expenses, but no income yet. Can I still deduct my qualified expenses?

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  17. If you have actively started listing properties and/or signed on prospective buyers, you can begin deducting expenses. Before that, they are startup costs, which, if more than $5000 must be amortized. Less than $5000 can be deducted in the first year of business operations.

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  18. I thought that you can only take deductions in an amount less than your income? If you have no income, how does this work?

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  19. There are two issues you might be thinking of. One is Hobby Income. If you aren't in the business to make a profit (and if you always take more expenses than income this is what the IRS will try to assert) then you can only take deductions up to income. Two is startup expenses. You cannot take more than $5000 of expenses before you actually start the business. Otherwise they have to be spread over 15 years.

    For a bona fide Real Estate Agent, just starting in the business, I consider "starting" the business to be when you get your first listing or the first client to find a house for. Before that, there is usually less than $5000 of startup costs and after that the deductions are appropriate. In this case you can absolutely have more deductions than income, and this often happens for the first year. After that, most real estate agents start making a profit.

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  20. Is my 1099 suppose to have all the commission I have brought in, or just the commission I was paid , that I earned for myself? I was given a 1099 that included my share of commission and my brokers commission. I was told by my broker that I am suppose to deduct her commission as fees. Buut I was never given anything by her showing I paid any fees.

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  21. Your broker is doing it correctly. You can either get a statement from her as to her commission or calculate it yourself by reconciling it worth the amounts that were deposited in your account (or the checks you received.)

    This is an important lesson as a self employed person. Keep your own records of income and expenses so you don't have to rely on anyone else (and you can figure out if someone screwed up or is trying to screw you.)

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    1. Maybe I am reading this wrong, but are you saying that a realtor can deduct the portion of commission that the broker takes from commission earned, as a fee??

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  22. Thank you! This has been the most informative thing that I have read today on this subject.

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  23. 2014 was my first year as a realtor and with income. I did not pay anything in for taxes - income or SE tax. Is there a way I can pay in lump sum, what I owe after determining my net profit without incurring a fine/penalty for non payment/late payment?

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    1. You will use Form 2210 to determine the penalty. If you use software that carries your information from the prior year it will automatically limit the penalty based on prio year tax liability. You can also manually enter your income by quarter to limit the penalty based on earning income late in the year. You can also not include the penalty and make them send you a letter for it (which they might not do) and if you get the letter request they waive it. This will only work once! Pay quarterly payments this year to at least cover what your total tax liability was this year. That will prevent a penalty next year.

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  24. If I use a professional photographer for my listings, can I deduct those costs as business expense?

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    1. Assuming it's as straightforward as you imply - absolutely. Using a professional makes great business sense.

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  26. Do I have to file estimated taxes or can I wait until the end of the year to pay taxes owed? I'm only a part-time agent and have only made 1 sale this quarter. I did set aside money off the commission that I assume will cover the tax payment. I'm afraid to file estimated taxes and screw up how I file the taxes on my regular full-time salary that has regular employee withholding. Is it OK to wait and file at the end of the year or do I have to file estimated quarterly? I just fear how this will mess with my other tax liabilities and don't know where to begin figuring this out. Any help is greatly appreciated!

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  27. If you are sure your balance due all together will be less than $1000, you can safely pay at the end of the year without worries about penalties. Even if you owe a little more the penalties are fairly reasonable. Above those numbers, you can get hit with underpayment penalties that do add up.

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  28. Thank you great information;
    I just got my license for TX and will begin to get my feet wet. I am not expecting much income until the end of 2015. My husband is really the provider for the two of us with a good income and he is not self employed. Can we continue to jointly file our taxes and benefit from expenses I had in 2015 connected to my new currier?



    Christine

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  29. Yes. Your real estate income and expenses goo on a schedule c on a joint return with your spouse.

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  30. Can an LLC pay its broker who is holding the broker license pay the broker as 1099? assuming the broker is being paid as over ride per closed deal and a flat monthly fee for using his broker license?

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  31. Can an LLC pay its broker who is holding the broker license pay the broker as 1099? assuming the broker is being paid as over ride per closed deal and a flat monthly fee for using his broker license?

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  32. I have been in the business for a few years now, and I have one suggestion to add to your excellent advice to new agents... Open two separate accounts for your business! I deposit 33% of every commission check into my business tax savings account. I NEVER touch this money except to pay estimated quarterly returns. The remaining 67% of each commission check goes into my business operating account. I pay all my business expenses out of my operating account, and I pay myself wages from this account. This way, I always have money set aside for taxes and never have any big surprises.

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  33. lets say there is an overall 10,000 dollar commission on the sale of a property and i as a salesperson get 6,000 of it. Are you saying that i could deduct the remaining 4,000 from my schedule C as a fee? thanks

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    1. Generally the company you work for will issue you a 1099misc that only includes the 6000. In that case you only deduct the other expenses you incur in the course of your work. If they do issue a 1099 with the full 10000 you would deduct the 4000. You only pay taxes on what you actually receive minus expenses.

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  34. This was a great help for me. Thank yo very much for sharing! Merry Christmas!

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  35. I had a great year in 2015 but a terrible year in 2014 as it was my first year in the business. So now I'm assuming I have a huge tax payment to be due since I made no estimated payments during the year (i was so broke from the previous year). I know some small business people deduction practically everything they spend in their life as a business expense. Is this a no no?

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  36. The list of deductible items is pretty extensive. As I said, if it is required, will make you more money, or makes the business run smoother, it is probably deductible. That said, successful real estate agents pay a lot in taxes. That's the price of success. Don't lie or cheat, but be aggressive.

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  37. STG Great blog thanks. I am a licensed agent. I recently bought a personal residence. My broker intends to issue me a 1099 for my portion of the commission. Is this really income, or is it a reduction of the purchase price?

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    1. Great question!
      Most agents negotiate a reduction in closing costs or price rather than receiving a commission in order to avoid your situation. Unfortunately, if you didn't do this, and get a 1099, it's income. If you are an active agent, it just goes in with the rest. If you are inactive, and this is your only income from real estate, you might be able to avoid self employment tax by calling it Hobby Income, but you still owe income tax on it.

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    2. STG Subsequent to leaving the above post, I found this private letter ruling on the IRS site: https://www.irs.gov/pub/irs-wd/0721013.pdf
      I shared it with my broker. He will not issue the 1099.

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  38. I made about $500k this year as a realtor and will hopefully double that next year. Problem
    Is that my taxes are astronomical... is there a way I can invest money that will lower my income and allow me to pay less taxes and at a lower tax bracket? I can max out my TFSA but that's all I know so far.

    Thank You

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    1. 3 things, other than making sure you track am mileage and deductions...
      1. Remind yourself every day that this is a great problem to have!
      2. Start a SEP retirement plan and pour money into it. Talk to anot investment advisor.
      3. Look at changing your business entity to S Corp or partnership. Not my area of expertise but you can save on self employment taxes this way. Talk to a CPA...it has upfront costs but should be well worth it.

      Other than that, charity and other itemized deductions.

      Buy my book ;)

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    2. Sorry for typos, on vacation with just phone, but I think you can interpret.

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  39. great Blog

    My wife gained her realtor license this year and started working as a realtor whilst still working part-time.

    I usually use tax software to do our taxes.

    I have just read that you have to pay estimated taxes 4 times a year (4/15, 6/15, 9/15 and 1/15). She has only recently sold two houses however she is still running at a loss this year when you subtract all the realtor fees from her commission.

    I guess that we need to pay taxes on these sales on 1/15?

    How do we do this? - is there a form that we fill in and send into the IRS with a check?

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  40. Following on from the query above. Both my wife and I work and pay taxes via our employers. We always overpay our taxes and receive a sizable refund. This overpayment will dwarf any of my wife’s real estate tax liability and we should still receive a sizeable refund when we submit our tax returns next year. So if this is the case and all our income (employment plus real estate income) will be documented in a joint tax filing, do we have to pay “estimated taxes”. Putting it another way, will my tax overpayment count as the quarterly “estimated tax” payment for my wife’s real estate income?

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  41. This comment has been removed by the author.

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  42. Hello, Early Last year 2016 as a Real Estate Agent I made a Commission that escrow made payable to my name. I deposited the commission check for the full amount into my Bank and had to pay My office its 30% Commission split. I gave W-9 form to my office At the time was in process of becoming a Corp. But not formally my office Manager signed the W-9 as a S Corp. and Tax ID #. What 1099 form do I use to report the Commission split I paid my office? 1099-S or 1099-Misc? Thank you Agent/Realtor.

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  43. I joined a tennis/golf club this year feeling it would let me gain exposure and entertain potential clients. I have used it for business lunches, and a few times for tennis.
    Is there any way to deduct some of the fees for business expenses?

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    1. Membership is a resounding no. Lunches with clients or serious potential clients is a yes.

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  44. Thanks for sharing, given a lot of great advice to me as a new starter. Quick question, I live in NYC and sometimes i have to meet my customer in Jersey, does the toll fee also could count as business expense? which category should i use in Schedule C, thanks

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