Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 54%
$32.50 /mo
$390 billed annualy
MONTHLY
$69 /mo
billed monthly
7 day free trial. Cancel anytime
×
Take Your Forum Experience
to the Next Level
Create a free account and join over 3 million investors sharing
their journeys and helping each other succeed.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
Already a member?  Login here
Tax, SDIRAs & Cost Segregation
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 8 years ago on . Most recent reply presented by

User Stats

87
Posts
31
Votes
Marshall Martinez
  • Lender
  • Portland, OR
31
Votes |
87
Posts

1099 employee tax advise

Marshall Martinez
  • Lender
  • Portland, OR
Posted

Hello BP members!

I am currently a loan officer and in the transition of working as a W2 employee to now being a 1099 employee. I am also working on my real estate license and plan on having it completed by the end of the year. I already have a brokerage that I will hang my license under. 

From my understanding, a 1099 employee is considered a "contractor" and are able to itemize deductions when it comes to taxes. My question that I have for any tax professionals or any other 1099 employees is what are some of the main business expenses I am able to deduct? Phone, car, mileage, computer, health insurance etc.? This is one link that I did find helpful. 

I also need to know when I am able to start deducting these expenses? Am I able to right away, or once I start earning income as a 1099 employee? Will all business expenses from the beginning of the year qualify for a tax deduction or only from the time I started as a 1099 employee? 

I also remember being asked if I was a RE professional last year when I did my taxes. What qualifies you as being a RE professional? 

All feedback is appreciated! 

Thank you in advance!

Marshall 

Loading replies...