Every Landlord Tax Deduction Guide 5th Edition by Stephen Fishman JD ISBN 1413309909 9781413309904

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ISBN 10: 1413309909 
ISBN 13: 9781413309904
Author: Stephen Fishman J.D.

Rental real estate provides more tax benefits than almost any other investment. Every Landlord’s Tax Deduction Guide is the only book that focuses exclusively on IRS rules and deductions for landlords.

The book covers the new tax law, including the new 20% pass-through deduction and other deduction and depreciation changes that are particularly beneficial to landlords. Learn about landlord tax classifications, reporting rental income, hiring workers, and depreciation.

Find out how to:

• handle casualty and theft losses
• distinguish between repairs and improvements
• deduct home office, car, travel, and meals
• keep proper tax records—and much more.
  

Filled with practical advice and real-world examples, Every Landlord’s Tax Deduction Guide will save you money by making sure you owe less to the IRS at tax time.

Every Landlord Tax Deduction Guide 5th Table of contents:

1 Tax Deduction Basics for Landlords
How Landlords Are Taxed
What Is Rental Income?
How Income Tax Deductions Work
How Property Ownership Affects Taxes
2 Landlord Tax Classifications
The Landlord Tax Categories
Business Owner Versus Investor
Are You Profit Motivated?
3 Deducting Your Operating Expenses
Requirements for Deducting Operating Expenses
Operating Expenses That Are Not Deductible
4 Repairs
IRS Rules: Repairs Versus Improvements
How to Deduct Repairs and Maintenance
5 Depreciation Basics
Depreciation: The Landlord’s Best Tax Break
Understanding the Basics
How to Depreciate Buildings
Depreciating Land Improvements
Deducting Personal Property
Section 179 Expensing
When You Sell Your Property
Tax Reporting and Record Keeping for Depreciation
6 Maximizing Your Depreciation Deductions
Determining the Value of Your Land and Buildings
Cost Segregation
7 The Pass-Through Tax Deduction
Your Rental Activity Must Be a Business
You Must Have a Pass-Through Business
You Must Have Qualified Business Income
You Must Have Taxable Income
Calculating Your Pass-Through Deduction
Strategies to Maximize the Pass-Through Deduction
8 Interest
Interest Landlords Can (and Can’t) Deduct
Mortgage Interest
Other Interest Expenses
Points and Prepaid Interest
Interest on Construction Loans
Loans With Low or No Interest
Loans on Rental Property Used for Nonrental Purposes
Limitation on Interest Deductions by Landlords Earning $25 Million or More
9 Start-Up Expenses
What Are Start-Up Expenses?
Determining Your Business Start Date
How to Deduct Start-Up Expenses
If Your Business Doesn’t Last 15 Years
If Your Business Never Begins
10 The Home Office Deduction
Qualifying for the Home Office Deduction
Calculating the Home Office Deduction
Simplified Home Office Deduction Method
IRS Reporting Requirements
Deducting an Outside Office
11 Car and Local Transportation Expenses
Deductible Local Transportation Expenses
The Standard Mileage Rate
The Actual Expense Method
Other Local Transportation Expenses
Reporting Transportation Expenses on Your Tax Return
12 Travel Expenses
What Are Travel Expenses?
Deductible Travel Expenses
How Much You Can Deduct
13 Hiring Help
Deducting Payments to Workers
Employees Versus Independent Contractors
Tax Rules When Hiring Independent Contractors
Tax Rules for Employees
Hiring Your Family
Hiring a Resident Manager
14 Casualty and Theft Losses
What Is a Casualty?
Calculating a Casualty Loss Deduction
Disaster Area Losses
Repair and Replacement Costs for Casualty Losses
Tax Reporting and Record Keeping for Casualty Losses
15 Additional Deductions
Dues and Subscriptions
Education Expenses
Gifts
Insurance for Your Rental Activity
Legal and Professional Services
Meals and Entertainment
Taxes
Unpaid Rent
16 Deducting Rental Losses
What Are Rental Losses?
Overview of the Passive Loss Rules
The $25,000 Offset
The Real Estate Professional Exemption
Deducting Suspended Passive Losses
Tax Reporting for Passive Rental Losses
Strategies for Dealing With the Passive Loss Rules
$250,000/$500,000 Annual Loss Limit
At-Risk Rules
How to Deduct Rental Losses
17 Record Keeping and Accounting
What Records Do You Need?
A Simple Record-Keeping System
Accounting Methods
18 All About Schedule E
Who Must File Schedule E?
Filling Out Schedule E
19 The Net Investment Income Tax
How the NII Tax Works
Real Estate Professional Exemption From the NII Tax
Planning to Avoid the NII Tax

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