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Itemized Deductions Schedule-A


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Old 11-02-2010, 02:50 PM
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real estate agent deduction

hi i am new to the real estate business. i am getting my license and doing training in one of the biggest real estate broker firm. can i deduct all the fee and tuition for getting my license? what about the gas, mileage and depreciation of my car, are these deductibles for training? i work with a team, so i go show houses and do open houses, but i have not sold any property yet. can i use these things on my husband's and my tax return as a married couple? and as i start the on my own, what are the things i can use as deduction? thank you!



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Old 11-02-2010, 03:26 PM
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Any expenses incurred to earn a license or a profession are generally not deductible on your tax return. Thus, your fee and tuition expenses for getting your real estate license is not deductible.

That also goes for your auto and training expenses. However, once you get your license, irrespective of whether or not you have sold any real estate, these expenses such as the following all become deductible on your Schedule C;

1. continuing education,
2. additional training
3. auto expenses related to any travel,
4. professional dues and
5. lock box expenses.

The losses from your Schedule C can then be offset against your husbands other taxable income!

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