Real Estate Agent Tax Guide

Filing your taxes can be tricky when you’re self-employed, but we got you covered. This handy tax guide was designed specifically for realtors to ensure you pay the least amount of tax allowable by law.

As a real estate agent, you are typically considered an independent contractor for federal and state income tax purposes. Your brokerage will issue you a 1099 at the end of the year with your total compensation which must be reported on your personal tax return (Form 1040).

Pretty simple right? Well not exactly. As an independent contractor, you are treated like you own your own business. This is great news, because you’re able to deduct all your business expenses that are considered ordinary and necessary, and you only pay income tax on the remaining income. Although there are many benefits of owning your own business, it significantly complicates your tax situation.

This tax guide was designed to bring some clarity to your complicated tax situation and ensure you maximize your business deductions. In order to do this, we will focus on these main topics:

1. Selecting the right entity structure

2. Income tax filings and due dates

3. Understanding self-employment tax

4. Making estimated tax payments

5. Business best practices

6. Maximizing your business expenses

7. Retirement plan options

As you will see, the key to minimizing your tax liability is to plan ahead, take action, and document…document…document.

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