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Updated over 1 year ago on . Most recent reply

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3
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1
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Matt S.
1
Votes |
3
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Looking for help for realtor tax planning

Matt S.
Posted

I'm a new realtor (mid career shift with a spouse that's still salaried). I'm making a number of life changes over the next 6 months that will have a large effect on my taxes. I've been searching for understanding on how these choices will affect my personal financial situation, which will dictate the choices I make. Are there any good guides that can help, especially where you can see how adjustments will flow through to the final result? For example, I'm considering buying a new car, and the amount I spend and how I buy it will have specific affect on my taxes as a realtor, and on top I'm not sure how much can be deducted this year if I don't have income right away. The same goes for a house purchase, in particular I'm considering buying larger so I can have a dedicated office, which would also be a deduction, I just don't know how much. I know there are lots of these little decisions, and I'd like some better understanding before making them, I just dont know how to get it.

Anyone have a guide or advice?

Most Popular Reply

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389
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573
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Jeff Nash
  • Accountant
  • McKinney, TX
573
Votes |
389
Posts
Jeff Nash
  • Accountant
  • McKinney, TX
Replied

@Matt S. I would definitely work with one or more professionals to ensure you do things correctly from the start if you have a lot of changes.  That way you avoid failing to do certain things and realizing it later and not being efficient (finances, taxes, legal, risk management, etc).

  • Jeff Nash
  • [email protected]
  • 844-627-4829
  • Loading replies...