Talk With Tax Professional Before You File 1099-NEC

Most real estate agents receive income in the form of commissions from sales transactions and are generally not considered an employee under federal tax guidelines. They’re #soleproprietors Even agents or brokers working for a real estate brokerage firm are still considered sole proprietors. This self-employed status allows you to deduct many of the expenses you incur. Careful record keeping and knowing your eligible write-offs are key to getting all of the tax deductions you’re entitled to.

Download Tax Tops For Realtors: Here