Well it’s that time of year again! April 15th, the day taxes are due to the IRS is about a month and half away.
I thought that I’d curate some tax info for REALTORS® as this week’s post!
There really is only ONE authority on US taxes and that is the IRS. If you are fortunate enough to live in one of the few states that does not collect an income tax, then the IRS is all that you need to worry about. If, like me, you live in a state that extorts an income tax, be sure to look up their regulations too.
Here is the IRS webpage on tax info for REALTORS®:
This page does NOT offer much advice, but it does give you links to more detailed info. One that caught my eye was this one that offers a lot of information related to purchase, sale and operation of real estate:
https://www.irs.gov/businesses/small-businesses-self-employed/tax-tips-real-estate This one would be good if you were personally involved in any of those activities. Also good to direct to your clients.
Another good link is: https://www.irs.gov/businesses/small-businesses-self-employed/real-estate-tax-center
This one has a number of good links to specific info including on on Audits!
So much for the Federal government. Next I found that Intuit, makers of Quicken and Turbo Tax, had a page of good advice at:
Make sure that you go the bottom of the page where you will links to a ton of great calculators that will help you determine tax brackets, expense reporting and more.
I’ll wrap this up with a link to a page of advice from a CPA firm for REALTORS® in their first year. I think it is good advice for any real estate agent, first year or not!
https://harriscpas.com/tax-tips-every-realtor-needs-to-know-in-their-first-year/
And with that, I’ll offer up my own tax advice for real estate professionals:
HIRE A TAX ACCOUNTANT WHO IS FAMILIAR WITH REAL ESTATE AND FOLLOW THEIR ADVICE!
