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List of Tax Deductions for Real Estate Agents and Brokers

HEALTH INSURANCE FOR SELF-EMPLOYED TAX REMINDER

As members gather their tax information for their filings, questions arise about the deduction for health insurance premiums. The allowable deduction of health insurance premiums paid by self-employed individuals is 100% of the premium. Note that the deduction does not apply to premiums that are paid either to an employer's health plan or to the health plan of the self-employed person's spouse. For more info, CONTACT: Linda Goold, 202/383-1083, lgoold@realtors.org (12-11-02)

 

Accounting Fees


Connected with Trade or Business

Organization of Business (Must Amortize)

Accounting System Installation

 

Advertising Expenses


Business Cards

Home Demonstrations

Promotional Activities

Attorney Fees Related to Business

 

Automobile Expenses (Business Percentage Only)


Business Use by Employee

Unreimbursed

Business use by Self-Employed Person

Cost of car (Must Depreciate)

Garage Rentals

Gas

Insurance

Interest Expense (except as an employee)

License Fees

Lease Cost (Limited)

Loss on Sale

Oil and Lubrication

Parking

Repairs

Tires

Washing

 

Business Conventions (Domestic)


Travel and Lodging Expenses

Business Expenses

Business Meals and Entertainment

Business Startup Expenses (Must Amortize)

Circulation Expenditures, Newspapers, Magazine Periodicals

 

Commissions


Sale of Real Estate

 

Computer Software


Leased Software

Purchased Software (Generally Must Amortize)

 

Billing


Chamber of Commerce

Professional and Realtor Associations

 

Education Expenses


Maintaining or Improving Required Skills

 

Employee Expenses and Payroll


Gifts (Business) Valued at $25 or Less

Health Insurance (Limited)

Insurance for Business

Internet/Website Fees (Business)

Listing Books

Local Transportation

Listing Fees

New Business, Cost of Start Up (Must Amortize)

 

Occupancy (Business) Expense


Depreciation

Rent

Utilities

Interest

Real Estate Taxes

Cleaning and Maintenance

Office Equipment and Furniture (Must Depreciate or Make Special Election – Section 179)

 

Office in Home (Limited)


Depreciation

Rent

Utilities

Interest

Real Estate Taxes

Cleaning and Maintenance

Office Supplies

Postage Costs

Real Estate License Fee

Rent, Business Property

Retirement Plans (Limited)

Subscriptions, Professional Journals

 

Telephone Service (Business)


Pager

Cell Phone

Updated 01/03/06 for the North Shore - Barrington Association of REALTORS® by Graff, Ballauer, Blanski & Friedman, PC, CPAs. All Rights Reserved.