Realtor Tax Deduction?

Question

I am a realtor filing joint with my husband. Can I deduct my expenses against our household income?

My husband gets W-2. Basically my question was can I right off my expenses with my husband's income since we are filing jointly.

Answer 1

You say your husband gets a W-2 - but you don't say how you are paid, whether you get a W-2 or a 1099 at the end of the year.

If you also get a W-2, then to file a joint return you'll total your two incomes on your 1040, 1040a or 1040EZ, and can only deduct expenses that are over 2% of your combined AGI (adjusted gross income). If you file as married filing separately, you'd each fill out your own info on your own return.

If you get a 1099, then you'd show your income and expenses on a schedule C or C-EZ, fill out a schedule SE to calculate your self-employment tax for social security and medicare since your employer won't have deducted that or paid matching amounts. The numbers from the two schedules will transfer to a form 1040 where your husband's income will also be listed if you file a joint return, and you'll calculate your total tax there.

If what your question is saying is that you have more expenses than income from your realtor business, and can you write off some or all of the loss on a joint return against his income, yes you probably can.

Answer 2

do you get a 1099 or a w-2 from work? If a w-2, then you might be able for file a form 2106? for unreimbursed business expenses. If you get a 1099, you have to file a sched C and SE for self employment income and tax calculation - you're a little late for filing this year

Answer 3

You can write off certain expenses on Schedule C, which becomes part of your joint return.

Answer 4

automobile expenditures (promptly touching directly to the enterprise) -- recording mileage is greater convenient and greater acceptable training expenditures (authentic assets classes) MLS costs Realtor Board costs License costs expert criminal duty coverage something that became into meant to help facilitate the enterprise of advertising authentic assets