Real Estate Records For Tax Season 💸

jamielcash
jamielcash Licensing Career Launcher, California Licensing Career Launcher, California Licensing, Buyer Agency Professional (BAP) Posts: 926

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Since most real estate agents are self-employed (1099), as opposed to employees (W2), tax season takes on a different appearance. It's essential to have your income and expenses organized. 

Commission Statements: Ensure that you're tracking your income by recording your commission statements. If you're using a CRM like Top Producer, you'll have all your transactions and client relationships consolidated in one place.

Expense Receipts: What expenses did you incur to run your business? Marketing, education, MLS fees, client gifts (up to $25), legal fees, technology fees, etc.

Mileage Logs: Maintain a log of business-related miles, including gas, maintenance, insurance, parking fees, and tolls. MileIQ and Everlance are excellent apps that can assist you in tracking business mileage and expenses.

Bank & Credit Card Statements: Document your business transactions by utilizing a separate business account and credit card. This will help prevent fund commingling.

To ensure you maximize your deductions and stay compliant with tax laws, it is recommended to consult a CPA or Tax Professional who specializes in real estate taxation.

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