Free PDF Every Landlord's Tax Deduction Guide
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Every Landlord's Tax Deduction Guide
Free PDF Every Landlord's Tax Deduction Guide
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Review
"This unusual book makes tax tactics actually interesting, whether you are a novice or a serious full-time investor."The Washington Post "The best of the best...heavily emphasizes maximizing depreciation deductions." Chicago Tribune "Named a "Top 10 Real Estate Book" by Robert Bruss, syndicated real estate columnist." "Updated and revised to cover tax rules for Airbnb-type rentals, Every Landlord's Tax Deduction Guide lives up to its title with practical information and invaluable advice. Chapters walk the reader through how to deduct operating expenses, the basics of depreciation, the home office deduction, hiring help, casualty and theft losses, necessary record- keeping systems, and much more. An index and access to publisher Nolo's website filled with useful legal forms, profiles of landlord-tenant and tax lawyers in one's area, and more round out this absolute "must-have" for all real estate owners." The Midwest Book Review, Wisconsin Bookwatch
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Book Description
This book has all the information small residential landlords need so they don’t miss out on the valuable business deductions they are entitled to. One of the biggest benefits of owning rental property is the many tax write-offs available to residential landlords. Every Landlord's Tax Deduction Guide explains this complicated area of tax law in easy-to-understand language using lots of examples. It covers all the key changes for landlords under the new tax laws, including new tax breaks for passthrough businesses and deducting rental property.
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Product details
Paperback: 464 pages
Publisher: NOLO; Fifteenth edition (August 30, 2018)
Language: English
ISBN-10: 1413325688
ISBN-13: 978-1413325683
Product Dimensions:
7 x 1 x 9 inches
Shipping Weight: 1.4 pounds (View shipping rates and policies)
Average Customer Review:
4.5 out of 5 stars
109 customer reviews
Amazon Best Sellers Rank:
#25,321 in Books (See Top 100 in Books)
Pros: clear structure, easy to read.Cons: I browsed about 8 chapters and found two errors. 1. Header for chapter 7 should be "The Pass-through Tax Deduction" instead of "Interest". 2. Chapter 8, page 207, first paragraph, it says "Points are de minimis if they are less than .0025%" . I checked IRS Publication 527, the correct number is one fourth of 1% which is 0.0025.IMO, There should be better editing since this is a tax book which readers use as reference.Another issue is the book does not provide good cross-reference. Such as the last sentence of the first paragraph on page 218, it says " travel expenses would have had to add to the basis of the property and depreciate them over 27.5 years. (See chapter 5) Based on my knowledge, if travel expense is not start-up costs, it should not be deductible nor capitalized. I went back to Chapter 5, read twice, but could not find related discussion. Cross reference for technical detail like this should at least indicate the line number and the page number.
As a small landlord, I'm always looking for helpful and practical advice, particularly if it helps with taxes, expenses or property management. I had planned to share this review before April 15, in the hope that it would prove helpful to other small landlords. Unfortunately, as it got closer to April 15, I ran out of time!So for those of you who did get extensions or are looking into help for the next tax season, I'm hoping that you'll have time to read Every Landlord's Tax Deduction Guide.I've been summarizing particularly helpful chapters for myself and my partners. But it's the sort of book that's helpful to read through once and keep on hand as specific incidents occur.Every Landlord's Tax Deduction Guide is divided into 20 chapters. The Guide begins with an explanation of how landlords are taxed and list which taxes specifically apply to landlord investors and those that actively manage their properties ("business owner"). The guide then discusses the requirements that must be met before operating expenses can be considered deductible and a discussion of the operating expenses that are not deductible. The next chapters discuss how the IRS treats repairs to the property and compares their tax treatment to that of improvements to the property. Subsequent chapters discuss in detail the more complicated deduction of depreciation, interest, start-up expenses, travel expenses, car and transportation expenses, labor expenses (differentiating between employees and independent contractors), as well as casualty and theft losses. What I particularly appreciated about the Guide is that it flags the IRS forms and publications that are relevant to specific complicated situations, such that I know what to research and I need to file when specific situations occur.Also much appreciated are the chapters on record keeping and accounting as well as the final chapter which covers information from the IRS and various online resources.Every Landlord's Tax Deduction Guide is well worth the $35 that I'd paid for it. I am encouraging my landlord friends to get copies for themselves.ISBN-10: 1413319270 - Paperback $35Publisher: NOLO; Tenth Edition edition (November 29, 2013), 536 pages.
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.
Like every one else I bought this book to learn about deductions. Hands down , it is the BEST MONEY I HAVE SPENT in a very long time. I have not even bought my first investment property yet and already it has saved me 1000's in mistake I WOULD have made! The impression I have had from all these investment gurus has been DEAD WRONG! BUY IT! READ IT! SAVE A FORTUNE in legitimate tax deductions! The author goes in to detail explaining things in a very easy to understand way using examples to show the difference s in more complex tax situations. yes, getting a tax person for complex issues as a definite team member i will be adding, but for the simple start years I figure I can do most of the work my self saving cash on my accountants time. For future years I already will be in the habits and position I will need to take advantage of the laws to gain exemptions the gurus never mentioned!
I will admit, I have not finished this yet and will update when done, so far this is a great book, easy to understand and read. I have read the first 6 chapters and some important ones at the end starting with Chp15.The book is straight forward tax information, no "you can do it" motivation or "how to be a landlord" sections. Just the tax ma'am.Very well organized. Each chapter concentrates on a subject, like "Landlord Tax Classifications" and "Repairs". It describes the basics and the subtleties and then presents real world tax rulings that help clarify the regulations.I recommend this to every landlord, even if you have an accountant. Buy it and deduct it as a business expense! (as the book says)
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