Free Real Estate Agent Tax Deductions Checklist

The objective of this Real Estate Checklist is to ensure all necessary steps and documentation for property transactions are completed accurately and efficiently, with a focus on Foreclosure Properties

Home Office Deduction:

• Have you calculated the square footage of your dedicated home office space?

• Do you use this space exclusively for business purposes?

Business Expenses:

• Have you kept detailed records of all business-related expenses?

• Have you included expenses like office supplies, advertising, and marketing costs?

Vehicle Expenses:

• Have you tracked mileage for business-related trips?

• Do you have records of vehicle maintenance and repair expenses related to your business?

Professional Development:

• Have you deducted expenses related to real estate courses, seminars, or certifications?

• Did you attend industry-related conferences or workshops?

Client Entertainment:

• Have you documented client meetings and associated expenses?

• Have you kept receipts for meals, events, or entertainment with clients?

Home Selling Expenses:

• Have you accounted for expenses associated with listing properties, such as photography or staging?

• Did you include closing costs and real estate commissions?

Insurance Costs:

• Have you claimed deductions for professional liability insurance?

• Did you deduct premiums for health insurance as a self-employed individual?

Retirement Contributions:

• Are you taking advantage of retirement plans such as a SEP-IRA or solo 401(k)?

• Have you maximized your allowable contributions?

Home Utilities:

• Are you deducting a portion of your utility bills based on your home office space's size and usage?

Self-Employment Taxes:

• Have you calculated and set aside funds for self-employment taxes?

Depreciation:

• Have you claimed depreciation on real estate assets like your computer, office furniture, or vehicles used for business purposes?

Real Estate Association Fees:

• Have you deducted membership dues and fees for professional organizations related to your field?

Record Keeping:

• Do you have organized and well-maintained records for all deductions claimed?

Tax Professional Consultation:

• Have you consulted with a tax professional or CPA to ensure you're maximizing your deductions?

Quarterly Estimated Taxes:

• Are you making quarterly estimated tax payments to avoid penalties?

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