Real estate professionals often fail to claim all tax deductions they are entitled to, costing them hundreds in extra taxes. Two commonly overlooked deductions are the home office deduction and deductions for office expenses incurred while working at home. The home office deduction can be claimed if a portion of the home is used exclusively and regularly for administrative or management tasks, even if most work is done elsewhere. It allows deducting a percentage of rent, mortgage interest, property taxes and utilities. Office expenses like a second phone line, business equipment and supplies used at home are also deductible whether or not the home office deduction is claimed. Together, these deductions can significantly reduce taxes owed.