Every Landlord's Tax Deduction Guide (Every Landlord's Tax Deduction Guide)
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| Every Landlord's Tax Deduction Guide (Every Landlord's Tax Deduction Guide) | |||||||||||||||||||||||||||||
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This bestseller is the only book on tax deductions specifically for residential landlords! If you own rental property, you should be taking advantage of the many tax write-offs available. Every Landlord's Tax Deduction Guide gives residential landlords the plain-English guide they need to save money on taxes -- without the services of a high-priced accounting firm.
This book explains how to maximize your deductions. Find out how to: fill out IRS Schedule E take real estate tax credits figure out if an expense is a repair (deductible) or an improvement (depreciable) maximize your depreciation deductions deduct losses arising from real estate ownership keep proper tax records deduct home office, travel, casualty losses â€" and much more Every Landlord's Tax Deduction Guide is comprehensive yet easy to read, jam packed with interesting and relevant examples. The 2nd edition is completely updated to reflect the latest tax information and numbers Table of Contents Introduction A. Why You Need to Know About Tax Deductions B. The Ever-Changing Tax Laws C. Icons Used in This Book 1. Tax Deduction Basics for Landlords A. How Landlords Are Taxed B. How Income Tax Deductions Work C. How Property Ownership Affects Taxes D. The IRS and the Landlord 2. Landlord Tax Classifications A. The Landlord Tax Categories B. Business Owner Versus Investor C. Are You Profit Motivated? D. Real Estate Dealers 3. Deducting Your Operating Expenses A. Requirements for Deducting Operating Expenses B. Operating Expenses That Are Not Deductible 4. Repairs A. Repair Versus Improvement B. The General Plan of Improvement Rule: A Trap for the Unwary C. How to Deduct Repairs D. Tips for Maximizing Your Repair Deductions 5. Depreciation Basics A. Depreciation: The Landlord's Best Tax Break B. Understanding the Basics C. How to Depreciate Buildings D. Depreciating Land Improvements E. Depreciating Personal Property F. When You Sell Your Property G. Tax Reporting and Record Keeping for Depreciation 6. Maximizing Your Depreciation Deductions A. Determining the Value of Your Land and Buildings B. Segmented Depreciation 7. Interest A. Interest Landlords Can (and Can't) Deduct B. Mortgage Interest C. Other Interest Expenses D. Points and Prepaid Interest E. Interest on Construction Loans F. Loans With Low or No Interest G. Loans on Rental Property Used for Nonrental Purposes H. Keeping Track of Borrowed Money 8. Start-Up Expenses A. What Are Start-Up Expenses? B. Determining Your Business Start Date C. Avoiding the Start-Up Rule's Bite D. How to Deduct Start-Up Expenses E. If Your Business Doesn't Last 15 Years F. If Your Business Never Begins 9. The Home Office Deduction A. Qualifying for the Home Office Deduction B. Calculating the Home Office Deduction C. IRS Reporting Requirements D. Audit-Proofing Your Home Office Deduction E. Deducting an Outside Office 10. Car and Local Transportation Expenses A. Deductible Local Transportation Expenses B. The Standard Mileage Rate C. The Actual Expense Method D. Other Local Transportation Expenses E Reporting Transportation Expenses on Your Tax Return 11. Travel Expenses A. What Are Travel Expenses? B. Deductible Travel Expenses C. How Much You Can Deduct D. Maximizing Your Travel Deductions 12. Hiring Help A. Deducting Payments to Workers B. Employees Versus Independent Contractors C. Tax Rules When Hiring Independent Contractors D. Tax Rules for Employees E. Hiring Your Family F. Hiring a Resident Manager 13. Casualty and Theft Losses A. What Is a Casualty? B. Calculating a Casualty Loss Deduction C. Disaster Area Losses D. Casualty Gains E. Tax Reporting and Record Keeping for Casualty Losses 14. Additional Deductions A. Dues and Subscriptions B. Education Expenses C. Gifts D. Insurance for Your Rental Activity E. Legal and Professional Services F. Meals and Entertainment G. Taxes H. Unpaid Rent 15. Vacation Homes A. The Vacation Home Tax Morass B. Regular Rental Property C. Tax-Free Vacation Home D. Vacation Home Used as Rental Property E. Vacation Home Used as Residence F. Calculating Personal and Rental Use G. Converting Your Home to a Rental Property 16. Deducting Rental Losses A. What Are Rental Losses? B. Overview of the Passive Loss Rules C. The $25,000 Offset D. The Real Estate Professional Exemption E. Rental Activities Not Subject to PAL Real Property Rental Rules F. Vacation Homes G. Deducting Suspended Passive Losses H. Tax Reporting for Passive Rental Losses I. Strategies for Dealing With the Passive Loss Rules J. At-Risk Rules K. How to Deduct Rental Losses 17. Record Keeping and Accounting A. Record Keeping Made Simple B. Accounting Methods C. Tax Years 18. All About Schedule E A. Who Must File Schedule E? B. Filling Out Schedule E C. Schedule E Example 19. Claiming Tax Deductions for Prior Years A. Reasons for Amending Your Tax Return B. Time Limits for Filing Amended Returns C. How to Amend Your Return D. How the IRS Processes Refund Claims 20. Help Beyond This Book A. Secondary Sources of Tax Information B. The Tax Law C. Consulting a Tax Professional Index |
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"Every Landlord's Tax Deduction Guide gives small residential landlords - who can't afford to hire high-priced accounting or law firms - the guide they need to save money on taxes. Every Landlord's Tax Deduction Guide explains how to: · fill out the dreaded IRS Schedule E · determine whether an expense is a deductible repair or depreciable improvement · take real estate tax credits · maximize depreciation deductions · deduct losses arising from real estate ownership · keep proper tax records · deduct home office, travel, and entertainment expenses This book is comprehensive yet easy to read, and provides many interesting and relevant examples. It also covers other deductions landlords can take, including taxes, interest, casualty losses, expenses for professional services - and much more. "
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| Reader Reviews 1 - 23 of 23 | |||||||||||||||||||||||||||||
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| Reader Reviews Below Sorted by Newest First | |||||||||||||||||||||||||||||
| 02-16-09 | 5 | 1\1 |
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I needed a book to give me very detailed information on the tax deductions a landlord could take. I am thinking of turning my second home into rental property and I wasn't sure of the tax advantages. I found this book and it was very informative. I couldn't put it down and read the entire book in two days. Then, I went back and read the important parts again. After reading the book I feel like an expert on the subject. The book tells you how to keep records, figure out your basis, etc without having to refer to the numerous booklets the IRS provides the taxpayers. Definitely worth the money.
(Review Data Last Updated: 2009-04-10 12:12:31 EST)
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| 02-13-09 | 5 | 1\2 |
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after getting lead around by the nose by all-mighty cpa & other tax gurus i can't say how helpful book has been....seems real estate biz returns need a specialist, using medical field as an analogy, not a do-all general practitioner...insightful info put fear of god (& irs auditor)in me how inaccurate previous returns have been, not only error prone but missing valid deductions as well....great presentation, not delivered as rocket science, pragmatic, relevant, not victoria secrets-sexy material but crammed with real world info to save big dollars legally, shame on me for what i have missing all these years...no longer intimated over forms & schedules, i finally get it....honestly believe book will save me thousands, 5 stars just ain't enough
(Review Data Last Updated: 2009-04-09 08:02:35 EST)
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| 12-22-08 | 5 | 1\1 |
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Well organized, easy to read, and includes many useful examples.
As a beginner to the rental real estate business, I was looking for a good reference to help me take advantage of current Landlord Tax Law. This book was everything I hoped for and more. Note: If you already understand tax law concepts like the various ways to deduct depreciation and cash vs. accrual accounting methods, perhaps parts of the book will seem too "simple" but it's likely you will still benefit from reading it. (Review Data Last Updated: 2009-04-09 08:02:35 EST)
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| 12-20-08 | 5 | (NA) |
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This book is a wealth of information for a Landlord. I highly recommend it.
(Review Data Last Updated: 2009-04-09 08:02:35 EST)
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| 10-13-08 | 5 | 1\1 |
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This is a really necessary book for anyone going into the renting business. Yes, it does seem like homework when you're slogging through it, but it really is readable, and extremely useful. I'm an accountant but never spent much study time on landlord tax law, but now find myself in need of that info.
Highly recommended, if only to maximize your deductions, and avoid traps. (Review Data Last Updated: 2009-04-09 08:02:35 EST)
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| 07-10-08 | 4 | 1\1 |
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Very informative, especially for the first time landlord. Provides easy to understand language with helpful hints and guides for all of your deductions.
(Review Data Last Updated: 2009-04-09 08:02:35 EST)
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| 09-27-07 | 5 | (NA) |
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This book not only describes detailed info about valid tax write-offs, but also has an insight into how to think as a Landlord. As a first-time Landlord, the book put into perspective why a repair can sometimes be better than a replacement and why. Lots of really good info if you don't want to pay for an expensive accountant! Highly recommended!
(Review Data Last Updated: 2007-12-03 05:44:58 EST)
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| 07-06-07 | 5 | (NA) |
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I can't tell you how many times I've referenced this book. It is very easy to use and simply written, even if by lawyers! During tax time I have it right by my side, and it always seems to answer every quesion I have.
(Review Data Last Updated: 2007-12-03 05:44:58 EST)
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| 05-08-07 | 5 | (NA) |
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Recently I purchased a rental property. I knew a little about tax deduction as a landlord. THis book gives you very detailed info and also gives you an examples after each topic so that you can understand how you can apply the info into your real life. I am not a very good reader, but I can easily read this book and understand.
(Review Data Last Updated: 2007-12-03 05:44:58 EST)
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| 01-09-07 | 5 | 2\8 |
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Many thanks to the seller - the book was in great condition and I received it promptly
(Review Data Last Updated: 2007-12-03 05:44:58 EST)
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| 10-31-06 | 5 | 41\41 |
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I am a law student at Yale Law School and my husband is an attorney. We own and I manage about 5 rental properties. This book is absolutely essential for anyone owning a rental property. Do not depend on your accountant as a substitute as most accountants will not know this kind of detailed information about real estate rentals (unless they specialize in it or maybe have their own rentals.) My accountant who has been in practice over 20 years did not know a lot of essential stuff which I had to guide him through(it may be time for a new accountant). If I had not read this book I would have been doomed. Because I can qualify for the unlimited deduction (not just $25,000) for rental losses, we have literally saved tens of thousands of dollars in taxes we would have otherwise had to pay on my husband's salary, legally, with the guidance of this book. I cannot recommend this book highly enough. It is written in a very easy to understand format and gives you almost all the information you need in one place. You cannot rely on others to properly arrange your financial affairs in this specialized area. By reading this book you will know how to buy, finance, and repair properties in ways that produce the most effective tax benefits. Consider yourself lucky that you are aware this book is out there and purchase immediately if you own rentals.
(Review Data Last Updated: 2010-04-29 12:55:55 EST)
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| 10-26-06 | 5 | (NA) |
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This is a must read for novice landlord. The book is very easy to read and provides a vast amount of detail of tax scenerios faced by landlords. This book provided me with the knowledge I needed to take appropriate actions throughout the year in anticipation of tax day. I have the confidence to prepare my own returns now. Even though I prepared my taxes before and felt comfortable, not knowing about the real estate side of the tax codes brought some doubt. This book takes the doubt away.
(Review Data Last Updated: 2006-11-01 01:58:57 EST)
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| 09-04-06 | 5 | 3\3 |
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I've just acquired several rental properties and needed a book that had tax information all in one place. I got a couple other books, but this one is the one that I use all the time. It's easy to read and understand while still explaining the nuances of tax law, and has good strategy and planning ideas for repairs/improvements etc. It also addresses what is and is not deductible as you are starting out (i.e. before you actually buy a property).
No book will replace a professional accountant, but I have a feeling that my accountant will be grateful that I've used this book come tax time, as I will have categorized things correctly, saved the right receipts, and will understand what he is talking about when he is explaining my return. (Review Data Last Updated: 2006-10-27 02:11:52 EST)
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| 04-26-06 | 5 | (NA) |
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This is a great book. It has the info, is easy to read and understand. I plan on reviewing this every year. Even if you have someone else do your taxes, it helps you in making business decisions with respect to taxes for your property.
(Review Data Last Updated: 2006-09-05 07:19:46 EST)
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| 03-11-06 | 5 | 1\1 |
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Landlords know the main benefit of owning residential rental property is the many tax deductions which stem from such ownership, covering everything from improvements to expenses. This second edition has been updated to reflect the latest tax information and numbers: it covers everything from how to keep tax records and supporting documentation to deducting losses. Maximize profits and stay legal: keep EVERY LANDLORD'S TAX DEDUCTION GUIDE's latest edition on your desk.
(Review Data Last Updated: 2006-07-07 07:18:14 EST)
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| 12-04-05 | 5 | 8\8 |
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I'm a beginner landlord and I found this book easy to read and comprehend. Tax books are not the most exciting of reading material, so I'm only 1/4 of the way through it, but I have learned so much from it so far. I bought the book at the end of the year to prepare myself for taxes. I wish I bought it sooner, because there is many deductions that I could have taken. But it's a little late in the year now and the reciepts were trashed, so I loose there. Great book for first timers and I will probably need to refer to this book as I move into the next tax year.
(Review Data Last Updated: 2006-07-07 07:18:15 EST)
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| 09-15-05 | 5 | 4\5 |
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This book provides information about various tax deductions available for landlord and their related rules.
The chapters are organized by different types of expenses/deductions. It provides examples and is easy to understand. Because there are many rules to those deductions potentially available, it's very helpful to read a book in order not to miss a deduction or make a mistake on the tax preparation. (Review Data Last Updated: 2006-07-07 07:18:15 EST)
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| 09-09-05 | 4 | 5\13 |
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I have to admit I haven't read this all yet. That's why I can't give it more than 4 stars so far. I have read enough to get an idea of what reciepts to save and, when discussing tax issues with fellow landlords, I've found quick answers to all our questions so far. And, I, who am somewhat tax illiterate, even understand the answers I've found! I have to read this book - I've purchased a lot of books on landlording and real estate investing and read most of them but still have no solid idea about how I'm going to deal with my taxes this year (first time rental house owner this year). I know this is a very necessary read for me but, who wants to read about TAXES?? - what a bore!! I am confident, however, due to what I've explored so far in this book, that this will prepare me well to get the full legal tax advantage from my landlording business.
(Review Data Last Updated: 2006-07-07 07:18:15 EST)
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| 08-30-05 | 5 | 5\7 |
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This book has loads of needed information, and is a must to start in the business.
(Review Data Last Updated: 2006-07-07 07:18:15 EST)
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| 07-10-05 | 5 | 6\6 |
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It's very well written for the everyday person. We will now know the right questions to ask our CPA to gain the maximum deductions we're legally entitled to have.
(Review Data Last Updated: 2006-07-07 07:18:15 EST)
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| 06-16-05 | 5 | 5\6 |
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I purchase this book simply because I really want to know how to fill out the Sch E for rental property. This book is very very informative and useful. It answers a lot of my questions such as depreciation, travel cost, etc..
It really worth the price. The author use simply english to explain everything. He's great. (Review Data Last Updated: 2006-07-07 07:18:15 EST)
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| 04-01-05 | 5 | 20\20 |
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The only book on tax deductions just for landlords. This is important because the tax laws of the US are so complex that it takes a specialized book (written in plain English) to cover a specialized area like this. For instance, changes in the tax law in 1999 made it easier to take the home office deduction and harder for the IRS to successfully object. BUT the IRS doesn't go out of its way to encourage landlords to take the deduction. Indeed you won't find a single word about it in any IRS publication or form. In this book there is a chapter on just this subject, and it includes such details that as defining when travel from your home office to your rental property is or is not deductible.
This is the kind of detail that this book goes into. It is specific to landlords so eliminates all of the other material that is just in the way when you read it. It also includes access to a web site that updates this book with any changes in the law that affect the current edition of the book. Basically this tells you all that you need to know, and it is almost guaranteed to let you find deductions you would otherwise have missed. (Review Data Last Updated: 2006-07-07 07:18:15 EST)
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| 03-21-05 | 5 | 6\7 |
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After receiving a limited release for his book, I believe that this is an excellent book that will save you tons of money on taxes while avoiding bad lawsuits. I believe that this is a book for every apartment building owners, on-site managers, and property managers. It describes how to screen and choose the best tenant, write a lease and hire a trustworthy property manager. This is really a basic comprehensive reference for thos who are real estates. This should be a required text for every landlord. I treated this book as though, it was my 'Holy Bible!' It's really that good! Recommended!
(Review Data Last Updated: 2006-07-07 07:18:15 EST)
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