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Updated almost 8 years ago, 03/10/2017
1099 employee tax advise
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