Tax Deduction Consulting: Realtors Washington DC
Title: Financial Advisor
Company: Core Advisory, LLC
Registered Investor: Yes
Florida Tech /CFP
American Intercontinetal/BA - Maga Cum Laude
Institute of Business Finance/MSFS
Years Experience: 15
Wealth Management,Life Insurance,Investment & Portfolio Management,Long-Term Health Care Planning,Annuity Ideas & Strategy Planning,Planning For Personal Finances & Budgeting,Retirement Income Accumulation Planning,Business Income Tax Planning,Fee-Only Comprehensive Financial Planning,Stock Market Alternative,Disability Insurance,Retirement Planning,Real Estate Investment Planning,Commission-Only Financial Planning (Full Disclosure),Insurance & Risk Management Planning,Retirement Income Distribu
Years of Experience: 18
Invoice, Estate Planning, Portfolio Management, Retirement Planning, Tax Planning, Tax Returns, Employee Benefits, Stocks and Bonds, Mutual Funds, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Healthcare Accounts, Compensation Plans
Frank & Darby Doe
Years of Experience: 33
Invoice, Estate Planning, Business Planning, Retirement Planning, Tax Planning, Tax Returns, Mutual Funds, Annuities
Title: LPL Wealth Planner
Company: WealthPath LLC
Investment Advisor Rep: Yes
University of Oklahoma/MHR
University of Florida/BA
Years Experience: 7
Pension for Highly Compensated Owners,Income for Life/ Preserve Principal,Alternative Investments,Retirement Planning,Long-Term Health Care Planning,Business Succession & Liquidation Planning,Estate Tax Planning,Asset Protection Strategies & Planning,Hourly Financial Planning Engagements,IRA, 401k, Roth IRA, QDRO Rollovers,Wealth Management,Annuities,Alternative Asset Class Planning,Annuity Ideas & Strategy Planning,Planning For Personal Finances & Budgeting,Retirement Income Accumulation Planni
Integrity Financial Group, LLC
Education: B.A (Honors) Economics, St. Stephens College, DelhiAll India HS Humanities, Mayo College, Ajmer
Years of Experience: 27
IARFC, MDRT, FPA, SFSP, NAIFA
Invoice, Estate Planning, Business Planning, Pension Planning, Executive Compensation Planning, personal Coach, Retirement Planning, Tax Planning, Employee Benefits, Stocks and Bonds, Mutual Funds, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Education Plan, Healthcare Accounts, Asset Protection, BuySell, Compensation Plans
The Planning Companies
Years of Experience: 19
Invoice, Estate Planning, Pension Planning, Executive Compensation Planning, Retirement Planning, Tax Planning, Seminars Work, Employee Benefits, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Charitable Planning, Education Plan, Healthcare Accounts, Charitable Foundations, Asset Protection, BuySell
Tax Deduction Consulting: Realtors
Tax Deductions for Realtors
A Realtor is in a line of work that requires a lot of knowledge about the tax codes. An understanding of the tax deductions available for realtors should be easy for them.
Most Real Estate transactions have serious tax implications. They involve everything from capital gains to the interest paid of real estate loans. It is an important part of a Realtors job to understand the tax codes and how they will impact the transactions of their clients. In addition to this, many realtors are involved in the buying and selling as well as the management of rental properties for their own personal profit.
This knowledge of the tax codes should serve the Realtor well in understanding the tax deductions available when he files his own tax return. Many Realtors are independent contractors. They are, in effect, owners of their own small business concern. As such, they are entitled to deduct almost all of their job related expenses as deductions against their income. Realtor professionals are eligible to deduct 100% of their Rental property loss. To qualify as a professional realtor at least one half of all the services rendered by the taxpayer must be in the area of Real Estate. They also must spend a minimum of 750 hours a year working at the Real Estate Business and the taxpayer must have materially participated in the providing of the service.
When it comes to personal deductions, the IRS uses the terms ordinary and necessary. Ordinary and necessary refer to just about any expense that is common and appropriate. Such items as entertainment expense, automobile expense, and home office use are ordinary and necessary expenses for a Realtor. Entertainment expense has some special requirements before it can be utilized as a deduction. In the first place, only 50% of the cost of meals, etc, can be taken for any single event.
The Realtor generally works out of his automobile. As long as a certain portion of the automobile expense is called personal use and not part of the deduction, the remainder is a legitimate business deduction. If the automobile is driven home, that is considered commuting and is no different than any other worker who drives to and from work. However, all miles driven for work purposes are deductible. The deduction can be calculated either by keeping a record of the miles actually driven and using the per mile allowance determined by the IRS, or actually records of the expense can be kept.
When the Realtor work...