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Is Premium a tax deductible expense?

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It is our understanding that agents and brokers can claim their RESAAS subscription as a tax deductible expense as it is a software relating to the sales and marketing of their business.

(All comments are based from the United States and Canada)

Information pulled from:

https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/sole-proprietorships-partnerships/business-expenses.html

https://www.irs.gov/businesses/small-businesses-self-employed/deducting-business-expenses

What can you deduct as a real estate professional?

  • Mileage
  • Meals
  • Entertainment
  • Home office
  • Business gifts
  • Travel related expenses
  • Tools
  • Cell phone
  • Auto expenses
  • Office supplies
  • Office equipment
  • Website fees / domain expenses

Why does RESAAS qualify as a tax deductible expense?

RESAAS would be a deductible expense because it is a tool being utilized to facilitate your business.

In which countries does this apply as a tax deductible expense?

US & Canada (if located in another Country please speak to your tax professional).

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