I was wondering if anyone could help me find out what i could write off for this year's taxes !!?

Question

im just turning 20 years old and this will be my first year to pay taxes ! im in real estate so i dont have taxes taken out of my checks!!! so i know im going to owe!! so any help with what all i can write off would be great help !!! thank you !

Answer 1

If you are a real estate broker being 1099'ed, there are a ton of expenses you can write off. Gifts that you buy for your clients like house welcoming gift cards or gift baskets can be claimed as business gifts. Any advertising costs that your brokerage passes down to you (i.e. business cards, flyers, costs of having your portrait taken, etc.) can be deducted as business expenses. The business use of your car can be deducted for the mileage you use to drive prospective buyers around to look at houses. The percentage of your cell phone bill that relates to your use of your cell phone for business. Basically, you can deduct any out of pocket expenses that is incurred by you in the process of earning your real estate sales commissions.

Answer 2

You should have gotten this information before the year started. Do you have an accountant or tax professional? They will tell you everything you need to do to be able to deduct things like advertising, travel, entertainment, and other business expenses.

Recordkeeping is key when running your own business. Find an accountant/tax pro today.

Answer 3

This would be a good year to have your return done by a CPA (NOT someplace like H&R Block) and ask them for advice on what you can deduct and what records you need to keep. If you don't have proper records for 2006, it might be too late to take some deductions that you might have been entitled to.

Answer 4

If you own a house you would be able to itemize the interest. Otherwise you will probably be best off taking the standard deduction and your personal exemption and calling it good.