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furmameg000
New Member

Hi! Im a Real Estate Agent using the Self Employed Turbo Tax. For Every property/Home I sell I get charged a $150 transaction fee. Can I deduct that and where does it go?

 
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LisaBr
New Member

Hi! Im a Real Estate Agent using the Self Employed Turbo Tax. For Every property/Home I sell I get charged a $150 transaction fee. Can I deduct that and where does it go?

Yes, you can deduct the fees as expenses on your Self-Employed Income.

1.  Go to the Income and Expenses section of your Business

2.  Under Expenses, you can choose whichever category seems to make sense for "Transaction Fees"

     -  Advertising or

     -  Commissions or

     -  Other Miscellaneous Expenses or

Putting these expenses in one of these areas will depend on your consideration and will be acceptable to the IRS

Of course you will have these fees documented for each sale and your records.

https://www.irs.gov/publications/p535#en_US_2016_publink1000208632

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1 Reply
LisaBr
New Member

Hi! Im a Real Estate Agent using the Self Employed Turbo Tax. For Every property/Home I sell I get charged a $150 transaction fee. Can I deduct that and where does it go?

Yes, you can deduct the fees as expenses on your Self-Employed Income.

1.  Go to the Income and Expenses section of your Business

2.  Under Expenses, you can choose whichever category seems to make sense for "Transaction Fees"

     -  Advertising or

     -  Commissions or

     -  Other Miscellaneous Expenses or

Putting these expenses in one of these areas will depend on your consideration and will be acceptable to the IRS

Of course you will have these fees documented for each sale and your records.

https://www.irs.gov/publications/p535#en_US_2016_publink1000208632

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