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I have a realtor who has been in business for around 5 years…

I have a realtor who...
I have a realtor who has been in business for around 5 years and has always had real estate income. During 2017, he did not sell any homes..but had expenses i.e. Multi List, Board Fees, telephone desk fees, advertising etc.
Can he take all of his expenses even though he had no income?
Thank you,
Ingrid Rhinehart
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Answered in 6 minutes by:
3/19/2018
PDtax
PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 5,090
Experience: 35 years tax experience, including four years at a Big 4 firm.
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He can, but his actual activity may be questioned.

There can be a number of legit reasons for not receiving cash commission income in a tax year. Sales might be slow, several listings might close in January, illness, a host of reasons. I would confirm that your client was actively listing homes, which will meet the burden for deducting the expenses. If this was not his sole source of income, that may also be a factor (a regular job with a W-2 might take away the profit motive for retaining his office share at the real estate place).

Thanks for asking at Just Answer. Positive feedback is appreciated, five stars is best. I'm PDtax.

PDtax
PDtax, Certified Public Accountant (CPA)
Category: Tax
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Experience: 35 years tax experience, including four years at a Big 4 firm.
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