You can deduct tuition-related expenses paid while you were completing state-required real estate courses to obtain your real estate agent or broker’s license, if you completed the courses at an eligible educational institution.
If you attended a college, university or vocational school that is eligible to participate in federal student aid programs with the U.S. Department of Education, the school is an eligible educational institution under the federal tuition and fees deduction.
Also, if you are self-employed/independent contractor real estate agent then you can deduct the cost of real estate school costs and all other real estate expenses, such as, mileage, fees for MLS listing, fees for Supra key usages. These are expenses that can deducted as business expenses.
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Hello....ok, but I got my license in November 2020, and had to join NAR, CAR, Supra, etc, BEFORE I could officially become an Independent contractor under my current Broker. All these expenses were in December, but I didn't actually get hired until January 2021. Can I still be an "independent contractor" when I wasn't officially hired until 2021? Thanks
To be clear, the costs related to attending real estate classes to prepare you for your initial real estate license is not deductible and does not qualify for Tuition and Fees deduction.
Once you have your license, you qualify as an independent contractor for tax purposes. Ordinary and necessary business expenses associated with being a professional realtor are deductible.