Top 10 Tax Deductions for Realtors
ਰੀਅਲਟਰਾਂ ਲਈ ਚੋਟੀ ਦੀਆਂ 10 ਟੈਕਸ ਕਟੌਤੀਆਂ
Are you a real estate agent? Don't miss out on these crucial expense claims on your next tax return.
- Real estate agents can deduct vehicle, home office, and marketing expenses
- Commission income requires careful tracking of business expenses
- Vehicle expenses are often the largest deduction for realtors
- Keep detailed records to support all deductions
1. Vehicle Expenses
As a realtor, your vehicle is essential. Deduct the business portion of gas, insurance, repairs, parking, and lease payments or depreciation.
CRA requires documentation. Track every business trip with date, destination, purpose, and kilometers.
2. Home Office Expenses
Deduct the business portion of rent/mortgage interest, utilities, property taxes, insurance, and internet.
3. Marketing and Advertising
Business cards, signage, website, social media ads, and promotional materials are 100% deductible.
4. Phone and Internet
Deduct the business portion of your cell phone and home internet costs.
5. Continuing Education
Courses, certifications, and professional development related to real estate are deductible.
6. Professional Fees
Brokerage fees, real estate board dues, MLS fees, and licensing fees are all deductible.
- Staging costs and photography
- Client gifts (up to $500 each)
- Professional liability insurance
- Accounting and legal fees
Maximize Your Real Estate Deductions
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