The real estate agent's tax deduction guide
Book - 2012
"A complete guide to tax deductions for people in the business of selling real estate, whether as a broker or salesperson. It provides all the information agents need to know to maximize their deductions and minimize their taxes"--Provided by publisher.
Saved in:
- Subjects
- Published
-
Berkeley, Calif :
Nolo
2012.
- Language
- English
- Main Author
- Edition
- 1st ed
- Physical Description
- 432 p. : ill. ; 23 cm
- Bibliography
- Includes index.
- ISBN
- 9781413316438
- Your Tax Deduction Companion for Real Estate Agents
- 1. Tax Deduction Basics for Real Estate Agents and Brokers
- How Tax Deductions Work
- The Value of a Tax Deduction
- What Real Estate Agents and Brokers Can Deduct
- Real Estate Agents Who Lose Money
- 2. Choosing the Legal Form for Your Business
- What Are Your Choices?
- The Four Ways Business Entities Are Taxed
- Comparing the Types of Tax Treatment
- What About Limiting Your Liability?
- 3. Are You Really In Business?
- How to Prove You Are in Business
- What If Your "Business" Is a Hobby?
- Real Estate Investing
- 4. Getting Around Town: Deducting Local Travel Expenses
- Deductible Local Transportation Expenses
- The Standard Mileage Rate
- The Actual Expense Method
- Other Local Transportation Expenses
- Reporting Transportation Expenses on Schedule C
- Real Estate Professionals With Business Entities
- 5. Leaving Town: Deducting Travel Expenses
- What Is Business Travel?
- What Travel Expenses Are Deductible
- How Much You Can Deduct
- Maximizing Your Business Travel Deductions
- 5. Romancing the Client: Deducting Meal and Entertainment Expenses
- What Is Business Entertainment?
- When Entertainment Expenses Are Deductible
- Calculating Your Deduction the 50% Rule
- Reporting Entertainment Expenses on Your Tax Return
- 7. Deducting Your Home Office
- Qualifying for the Home Office Deduction
- Special Requirement for Employees
- Calculating the Home Office Deduction
- How to Deduct Home Office Expenses
- Audit-Proofing Your Home Office Deduction
- 8. Deducting Your Sales Office
- If You Rent Your Office
- If You Own Your Office
- If You Lease a Building to Your Real Estate Business
- 9. Deducting Cars, Cell Phones, Computers, and Other Long-Term Assets
- What Are Long-Term Assets?
- Methods for Deducting Property
- Rules for Deducting Any Long-Term Asset
- Section 179 Expensing
- Bonus Depreciation
- Regular Depreciation
- Special Rules for Deducting Automobiles and Other Vehicles
- Tax Reporting and Record Keeping for Section 179 and Depreciation
- Deciding Between Leasing and Buying
- 10. Getting Going: Deducting Start-Up Expenses
- What Are Start-Up Expenses?
- Starting a New Real Estate Business
- Buying an Existing Real Estate Business
- Expanding an Existing Business
- When Does a Real Estate Business Begin?
- How to Deduct Start-Up Expenses
- Organizational Expenses
- 11. If You Get Sick: Medical Deductions
- The Impact of Health Care Reform
- The Personal Deduction for Medical Expenses
- Deducting Health Insurance Costs
- Tax Credits for Employee Health Insurance
- Adopting a Medical Reimbursement Plan
- Health Savings Accounts
- 12. Deductions That Can Help You Retire
- Why You Need a Retirement Plan (or Plans)
- Individual Retirement Accounts IRAs
- Employer IRAs
- Keogh Plans
- Solo 401(k) Plans
- 13. Business Operating Expenses and Other Deductions
- Advertising
- Broker Fees Charged to Agents
- Casualty Losses
- Charitable Contributions
- Clothing
- Dues and Subscriptions
- Education Expenses
- Franchise Fees
- Gifts
- Insurance for Your Real Estate Business
- Interest on Business Loans
- Legal and Professional Services
- Multiple Listing Service Fees
- Taxes and Licenses
- Website Development and Maintenance
- 14. Independent Contractors and Employees in Real Estate
- Employee or Independent Contractor: What's the Difference?
- Special IC Status for Real Estate Agents
- The Standard Test-Right of Control
- Worker or IC Who Decides?
- Tax Reporting for ICs
- Hiring Employees
- Employing Your Family or Yourself
- 15. Real Estate Professionals Who Own Rental Property
- Limits on Deducting Rental Property Losses
- Real Estate Professional Exception to Passive Loss Rules
- Putting All Three Tests Together
- What Happens if You Qualify for the Exemption
- Record Keeping for the Real Estate Professional Exemption
- 16. Staying Out of Trouble With the IRS
- What Every Real Estate Agent Needs to Know About the IRS
- You Are a Prime IRS Target
- Ten Tips for Avoiding an Audit
- 17. The Boring Stuff: Record Keeping and Accounting
- What Type of Bookkeeping and Accounting System Do You Need?
- Basic Record Keeping for Tax Deductions
- Records Required for Specific Expenses
- How Long to Keep Records
- What If You Don't Have Proper Tax Records?
- Accounting Methods
- Tax Years
- Index