The Spring CyberConvention, presented by The Real Estate CyberSpace Society, will be hosted online on Tuesday April 1st, 2008. The even is free with registration.
Keynote Speakers include Stuart Siegel, CEO of eNeighborhoods and Dave Liniger, Chairman, Re/Max International, Inc. Ohter speakers include Dirk Zeller, Dave Beson, Bob McComb and Roger Butcher.
Registration is free for the online only event – Click Here for more information.
As the close of tax season rapidly approaches, real estate professionals are reminded that there are some tax deductions available to you that you may want to take advantage of. But only if you keep good records!
Most are aware by now that entertainment expenses, usually up to 50% of what is actually spent, can be deducted as a business expense. Those who take clients and customers to lunch or dinner should be carefully maintaining those receipts. Keep track of where you went, who you went with and how they are related to you (i.e. client meeting to discuss counter offer, Restaurant Gluttony, 3.3.07).
Another area where good records will save you money include mileage to and from open houses as well as all of the miles driven showing property. Those with good records may also be able to deduct up to $25 for customer appreciation gifts, such as closing gifts.
Advertising expenses, automobile taxes, computers purchased for business and dues to NAR or your state and local association (think REBAC dues, CRS dues, MLS dues…..) are all items that may be able to be claimed on your schedule C. And remember that real estate professionals may also be able to deduct certain losses on investment property directly off of their income.
But not without proper record keeping. Contact your tax attorney or accountant for details on how and what you need to keep track of, and then make sure you do! The following is a tip from the VanEd “Taxation in Real Estate” online course;
SUGGESTION: Keep a diary, planner or other similar business record and save receipts regularly. Write on your receipts what and/or for whom the expense made. You are required to be able to support your expenses for three years.
REI Auctions is holding a Webinar “Lunch and Learn” on March 28th to discuss real estate auctions. Join in to learn how to can use online auctions as a part of any agents plan or presentation.
REI has online auction information that they will be sharing during the Webinar, which will be held this Friday, March 28th at 12:00pm – 1:00pm MT. Click Here to register for the program.
Online auctions differ from live auctions in that properties may be bid on over a period of time, typically two to three weeks. With auctions becoming more prevalent in real estate sales, online bidding has also been growing in popularity and continues to develop into an additional sales tool for agents and consumers. Online portals such as www.RealtyBid.com have been able to auction properties across the country. Agents can use online auctions in much the same way as live auctions, except without the auctioneer. State laws will need to be carefully researched before any property is put online for auction to ensure that all state regulations and rules are abided by.
The new RCA Report from REALTORS® Commercial Alliance (Winter 2008) has been made available online at the Realtor.org web site. This report discusses the first decline in NAR’s Commercial Leading Indicator (CLI) (0.1% in the third quarter of 2007) after nine consecutive quarterly increases. This, according the report, indicates moderate contraction in the commercial markets over the next six to nine months.
The report also discusses the Energy Independence and Security Act of 2007 which includes the development of a “Zero-Net-Energy” initiative that would eventually apply to all U.S. Commercial buildings by the year 2050. Read the RCA Report from REALTORS® Commercial Alliance to learn more about these and other Commercial issues in real estate.
The IRS announced today that they will begin sending out the more than 130 million economic stimulus payments as early as May 2nd. The payments will be sent weekly through early July. The IRS expects to make up to 34 million payments within the first few weeks of May. The majority of those receiving payments early will be those whose returns are received and processed by April 15th, and who have elected Direct Deposit on their Federal income tax returns.
It was also announced that the IRS created a new online calculator designed to estimate the amount of a taxpayers stimulus payment based on the payment schedules. Click here to use the on-line calculator.
There is also a podcast from the IRS that discusses the economic stimulus payments. To listen to the podcast, Click here.
