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.If youconverta car that you previously owned for personal use to a business car, your basis in the car is the lower of what you paid for it ... You can determine the fair market value by checking used car value guides, suchas the Kelley Blue Book. ... other than trucks and vans, andslightly higherlimits fortrucksand vans thatqualify as passenger automobiles(based ontheir weight)andare built onatruck chassis.
|Title||:||The Real Estate Agent's Tax Deduction Guide|
|Publisher||:||Nolo - 2013-09-12|