Realtor Property Tax Deduction Checklist

Property	Created by	Company	Address
Subject Property	[your name] (Luxe Living Real Estate)	[your company name]	[your company address]

The objective of this Real Estate Checklist is to ensure all necessary steps and documentation for property transactions are completed accurately and efficiently, with a focus on Foreclosure Properties

Home Office Deduction:

• Have you calculated the square footage of your dedicated home office space?

• Do you use this space exclusively for business purposes?

Business Expenses:

• Have you kept detailed records of all business-related expenses?

• Have you included expenses like office supplies, advertising, and marketing costs?

Vehicle Expenses:

• Have you tracked mileage for business-related trips?

• Do you have records of vehicle maintenance and repair expenses related to your business?

Professional Development:

• Have you deducted expenses related to real estate courses, seminars, or certifications?

• Did you attend industry-related conferences or workshops?

Client Entertainment:

• Have you documented client meetings and associated expenses?

• Have you kept receipts for meals, events, or entertainment with clients?

Home Selling Expenses:

• Have you accounted for expenses associated with listing properties, such as photography or staging?

• Did you include closing costs and real estate commissions?

Insurance Costs:

• Have you claimed deductions for professional liability insurance?

• Did you deduct premiums for health insurance as a self-employed individual?

Retirement Contributions:

• Are you taking advantage of retirement plans such as a SEP-IRA or solo 401(k)?

• Have you maximized your allowable contributions?

Home Utilities:

• Are you deducting a portion of your utility bills based on your home office space's size and usage?

Self-Employment Taxes:

• Have you calculated and set aside funds for self-employment taxes?

Depreciation:

• Have you claimed depreciation on real estate assets like your computer, office furniture, or vehicles used for business purposes?

Real Estate Association Fees:

• Have you deducted membership dues and fees for professional organizations related to your field?

Record Keeping:

• Do you have organized and well-maintained records for all deductions claimed?

Tax Professional Consultation:

• Have you consulted with a tax professional or CPA to ensure you're maximizing your deductions?

Quarterly Estimated Taxes:

• Are you making quarterly estimated tax payments to avoid penalties?

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