I am a real estate agent in MA. Is there a list already prepared that provides you with a list of the different things you can write of as an agent. I also have another full time job that is salary based but my Real Estate office is going to 1099 me. Any information would be helpful.

Also if there isn't a list already created, could someone help me start one? Thanks.:confused:

The biggest expense you can claim are those expenses associated with your car and its use while working as a real estate agent.

Also, the various fees you must pay are all deductible.

Talk to other agents, what do you spend money on as a agent, advertising, gas and car expense ( hope you are keeping a log book)
Money you spend for education and training, licnese, E/O insurance

"To be deductible, a business expense must be both ordinary and necessary. An ordinary expense is one that is common and accepted in your field of business. A necessary expense is one that is helpful and appropriate for your business. An expense does not have to be indispensable to be considered necessary."

You should keep track of all your business (Real Estate Agent) related expenses including record of business mileage, advertisement expenses, office supplies, food and entertainment, gifts to clients, name plate and banner... Each deduction has some limitation, for example commuting miles are not deductible.

For your 1099 income you will complete schedule C (Form 1040) to arrive at your net income. This income is subject to SE tax at 15.3% for which you will complete schedule SE (Form 1040). For year 2008, you may need to make estimated tax payments.

All advice from MukatA and Fr Chuck is very good.

You may also consider computer costs and Internet Service Provider costs as valid deductions on a pro-rated basis.