Does anyone know anything about filing taxes for a beginning real estate agent? All I know is that they are considered self employed by the IRS. This person has not yet made a sale, but had lots of start up costs (advertising, MLS listing,, etc). So I thought maybe it's considered a business loss, but looking at the schedule c form, I'm not so sure. Also, what if they had a part time regular job too? Then are they self employed or not?
Does anyone know anything about filing taxes for a beginning real estate agent? All I know is that they are considered self employed by the IRS. This person has not yet made a sale, but had lots of start up costs (advertising, MLS listing,, etc). So I thought maybe it's considered a business loss, but looking at the schedule c form, I'm not so sure. Also, what if they had a part time regular job too? Then are they self employed or not?
Well definitely a Schedule C for the r/e. and a business loss the first year which is fine and not a red flag. The loss will be a carryover to next year if too great. They should use Turbo tax or other software to file and track the loss. So they are both self employed and a regular employee.
__________________
Sometimes you're the windshield, and sometimes you're the bug.
