Tax Deductions for Real Estate Agents and Brokers

As a real estate agent or broker, under federal guidelines, you are considered a self-employed sole proprietor, even if you're an agent or broker working for a real estate brokerage firm. That status allows you to deduct many of your expenses on your tax return. Detailed record keeping and knowing what you can write off are key to maximizing your tax deductions.

What’s deductible?

In your business, you drive, a lot! All that mileage, gas, electric (for EVs), auto insurance, parking, tolls, new car purchases, lease costs, and vehicle upkeep are deductible. Tip: Use an app to help you track mileage and expenses while on the go.

Additionally, common deductions include:

Remember, to claim any of these deductions they must be ordinary, necessary, and directly related to your business, Oh, and they must be a reasonable amount.

Filing taxes is time-consuming and confusing. Avoid the hassles and work with our experienced tax team to help you file your tax return and provide tax planning services all year long.