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The only book on tax deductions specifically for residential landlords! Named a ""Top 10 Real Estate Book"" by Robert Bruss, syndicated real estate columnist 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 pricey accounting firm. This book explains how to maximize your deductions without drawing the ire of the IRS. 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, and casualty losses Every Landlord's Tax Deduction Guide is comprehensive yet easy to read and provides interesting real-world examples. This edition is completely updated for 2013 returns and reflects the latest tax information and numbers.
Series: Every Landlord's Tax Deduction Guide
Paperback: 536 pages
Publisher: NOLO; 10 edition (November 29, 2013)
Language: English
ISBN-10: 1413319270
ISBN-13: 978-1413319279
Product Dimensions: 7 x 1.1 x 9 inches
Shipping Weight: 1.8 pounds
Average Customer Review: 4.7 out of 5 stars See all reviews (109 customer reviews)
Best Sellers Rank: #481,193 in Books (See Top 100 in Books) #123 in Books > Business & Money > Taxation > Personal #408 in Books > Law > Tax Law #1401 in Books > Business & Money > Real Estate
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.
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.
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.
This book should be reduced by half in size. I have found many repeats, lenthy descriptions for easy-to-understand subjects, and hard to separate important issues from trivia. To be fair, I learned what I need from the book, but spent more than necessary in time and energy to sort out weeds from goods.I am surprised to find so many positive comments for the book, which make me suspicious to buy other books based on them.
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.
This book is most useful to those who are professional tax preparers or are already comfortable completing complex tax returns. The average person who is getting started with being a landlord of a single residence will have difficulty with this book. There's a lot of ambiguity and many of the deductions discussed don't make sense for your amateur landlord. In some cases, when they do make sense, the explanations are often too generalized to easily understand.If you understand nothing about the tax rules governing rental properties, this is book will be difficult read... but once you've gotten past the beginner concepts of depreciation and such, this is a supplement to the beginner materials. Another great use for this book is to help spot check your tax preparer to see if they've missed any common deductions or to give you an idea of how to plan for the tax consequences of major upgrades and repairs. This is also a handy quick-reference guide to get some basic guidance on tax concepts before you search the tax code.I'd recommend the book, but it won't be your only guide on the subject.
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