Understanding tax deductions can be the difference between having a successful year or not for real estate agents and brokers. By taking advantage of the many tax deductions available to them, real estate professionals can end each year with more money in their pockets and less owed to the IRS. Too often, these valuable deductions are overlooked, even though it's easy to take advantage of them once you understand the rules. This book explains all you need to know in plain English with lots of examples and practical information. Learn about the most important deductions and how to plan and track your expenses all year so you avoid problems with the IRS. The information is organized into categories that explain the rules for each type of deduction, including: start up expenses operating expenses home and outside office health care vehicles and travel entertainment and meals and many more It also explains essentials like depreciation deductions, deducting losses, and keeping proper records.For example, if you use your car 60% for business, you may depreciate or expense only 60% of the cost. If you trade in your old car to a dealer to purchase a new car, your basis in the car you purchase is equal to the adjusted basis of the trade-in car, plus the cash you pay (whether out of your ... You can determine the fair market value by checking used car value guides, such as the Kelley Blue Book.
|Title||:||Real Estate Agent's Tax Deduction Guide, The|
|Publisher||:||Nolo - 2013-12-01|