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nuxclass
Level 2

As self employed in real estate business, I have business expenses to report into my schedule C. I am wondering if it’s full or partial deduction from my taxable income. For example, I paid $1000

 
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DanielV01
Expert Alumni

As self employed in real estate business, I have business expenses to report into my schedule C. I am wondering if it’s full or partial deduction from my taxable income. For example, I paid $1000

Sorry, your question was cut off.  Could you provide the rest of the detail?  We'd be happy to assist you.
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nuxclass
Level 2

As self employed in real estate business, I have business expenses to report into my schedule C. I am wondering if it’s full or partial deduction from my taxable income. For example, I paid $1000

For example, I paid $1000 in advertising listings and my total tax amount is $5000, does that mean I will pay only $4000? If yes, is it the same for all categories?
DanielV01
Expert Alumni

As self employed in real estate business, I have business expenses to report into my schedule C. I am wondering if it’s full or partial deduction from my taxable income. For example, I paid $1000

It depends.  That particular deduction is a full business deduction.  It is an advertising cost that is not a personal expense.  Some categories may be partial expenses.  For example, you may have a cell phone that you use for both business and personal use.  You would prorate the expenses between business and personal and claim the business portion as a deduction.  The same holds true for vehicle expenses:  you must report both the business as well as the personal use, and the business use will be deducted on your Schedule C.  

For other expenses (such as advertising, office supplies, and so forth), you should be saving the receipts and noting the expenses of what you use specifically for business.

This FAQ can give you good guidance on what other business expenses might be common for you to claim (you will see a link for real estate professional embedded in the FAQ): https://ttlc.intuit.com/replies/5559255 

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