9 Tax Deductions for Real Estate Agents & Brokers
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- Опубликовано: 10 июн 2024
- Share this video with your real estate agent! Because today, I am going to cover my top tax write-offs or tax deductions for real estate agents and realtors for 2022. & some of these deductions are often overlooked/underutilized by real estate agents across the United States.
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And because of that successful real estate agents DREAD tax season because they are likely to see a huge tax bill and have to reach into their savings to pay the IRS.
But I want to help you change that today because real estate agents have a plethora of tax deductions at their fingertips that can help them reduce their tax liability and build more wealth.
So in this video, I am going to break down how real estate agents receive income, a unique tax strategy with calculations, my top tax deductions to pay attention to and if you stick to the end, I have a bonus tax strategy for you as well.
Timestamps
Intro Joke (0:00)
What this Video Will Cover (0:43)
How is Income Reported? (1:32)
Real Estate Property Losses (2:55)
Loss Example (3:35)
Real Estate Professional Requirements (6:00)
Write off #1 (7:25)
Write off #2 (8:00)
Write off #3 (8:39)
Write off #4 (10:40)
Write off #5 (11:19)
Write off #6 (12:50)
Write off #7 (14:36)
Write off #8 (15:30)
Write off #9 (16:18)
Bonus Tip (17:15)
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Disclaimer: The information provided in this video is for informational purposes only and is not meant to take the place of professional legal, accounting, or financial advice. If you have any legal questions about this video or the subjects discussed, or any other legal matter, you should consult with an attorney or tax professional in your jurisdiction (i.e. where you live).
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Thank you so much! Extremely helpful!
Thank you for your time and information!
Very helpful thank you for providing such value to all of us!
Amazing video, thank you
Thanks for step by step process tax deducted real estate agents and brokers. Wish you good luck
Thanks for the discussion.
Very helpful and informative
This channel is so underrated, he deserves a million subscribers
Great tips
Great video
Thank you, Andrew! I put a lot of effort into it. Are you currently a real estate agent?
Thank you so much for this amazing video. Can we have one about the travel nurses, what they can deduct?
Can you do one of these episode for IT/ cybersecurity professionals?
Great video! Just a heads up, I believe business meals in a restaurant are 100% deductible through the end of 2022.
Please do a tax deduction video for Restaurant owners
Can I still claim anything, brand new agent haven’t made anything but I also paid a lot in fees and some start up costs
why claim if you have no income, that means you have no taxes to pay either
Can we deduct our clothing?
How would you go about getting a verified or “approved” amount for depreciation for a vehicle?
Would a $500 closing cost credit count as a gift since it chnaged my gross?
What about if you did not make any sales this year but paid your dues
Wondering the same thing
With the vehicle tax deduction you mentioned the price of the car. Is there a price cap where you can no longer write off the vehicle expenses? Such as a 70-90k vehicle
To get a vehicle write-off, the vehicle has to be 6000 lbs or more. Has to be a primary work vehicle. Let's say you trade in your current vehicle, which is worth $30k.
Then let's say you buy a $60k vehicle. You can write off $30k (difference between trade-in and total purchase price)
Can you make a tax write off for LLC truckers owner ops, filing single member LLC
That’s actually on my list!
Do I need a separate bank account, business credit, business credit card for all these expenses as a real estate agent?
Yes
A topic for you to consider for a future video. We are in our late 50s, no car payments, house will be paid off in about 2 years, wife is retired and working part time, I work full time with a good salary. Once house is paid should we put that money back into real estate in a new house, rental property, retirement funds, or ? Speaking from a tax perspective. Thanks.
Okay, I am looking at over one million in GCI next year. This video assumes I am a loser.
There's no F in wealth