Every Landlord's Tax Deduction Guide [Paperback]

Stephen Fishman J.D. (Editor)

Book Description

ISBN-10: 1413309062 | ISBN-13: 978-1413309065 | Publication Date: December 8, 2008 | Edition: 5

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. The 5th edition is completely updated for 2008 returns and reflects the latest tax information and numbers. (20090202)

Editorial Reviews

Review

There should be a law requiring every landlord to read this great book. It simplifies the complicated, makes boring tax laws interesting, and offers landlords the major financial incentive of saving tax dollars.... On my scale of one to 10, this outstanding book rates an off-the-chart 12. (Bob Bruss 20080202)

"This unusual book makes tax tactics actually interesting, whether you are a novice or a serious full-time investor." (The Washington Post 20080202)

"There should be a law requiring every landlord to read this great book. It simplifies the complicated, makes boring tax laws interesting, and offers landlords the major financial incentive of saving tax dollars.... On my scale of one to 10, this outstanding book rates an off-the-chart 12." (Bob Bruss, nationally syndicated columnist 20090101)

"This book cannot be recommended too highly.... explains rental property tax deductions clearly and details how to maximize tax benefits by using 'hidden deductions'..." (Los Angeles Times 20090101)

Everything a building owner could hope to know on the subject. (Accounting Today 20090101)

Uses many lively examples and charts to make potentially boring topics understandable and interesting. (Boston Globe 20090101)

Maximize profits and stay legal: keep Every Landlord's Tax Deductions Guide's latest edition on your desk. (California Bookwatch 20090101)

The best of the best.... heavily emphasizes maximizing depreciation deductions. (Chicago Tribune 20090101)

This book cannot be recommended too highly.... explains rental property tax deductions clearly and details how to maximize tax benefits by using 'hidden deductions'... (Los Angeles Times 20090101)

The best part of the book is that it's written in a way that will make the most sense to investors. (Real Estate Matters )

This unusual book makes tax tactics actually interesting, whether you are a novice or a serious full-time investor. (The Washington Post )

Review

"There should be a law requiring every landlord to read this great book. It simplifies the complicated, makes boring tax laws interesting, and offers landlords the major financial incentive of saving tax dollars.... On my scale of one to 10, this outstanding book rates an off-the-chart 12."

See all Editorial Reviews

Product Details

• Paperback: 528 pages
• Publisher: NOLO; 5 edition (December 8, 2008)
• Language: English
• ISBN-10: 1413309062
• ISBN-13: 978-1413309065
• Product Dimensions: 8.8 x 6.9 x 1.2 inches
• Shipping Weight: 1.8 pounds
• Average Customer Review: 4.6 out of 5 stars  See all reviews (72 customer reviews)
• Amazon Best Sellers Rank: #667,371 in Books (See Top 100 in Books)

More About the Author

Stephen Fishman is the author of many Nolo books, including Tax Deductions for Professionals. Other titles include Deduct It! Lower Your Small Business Taxes, Every Landlord's Tax Deduction Guide and Home Business Tax Deductions: Keep What You Earn--plus many other legal and business books. He received his law degree from the University of Southern California in 1979. After time in government and private practice, he became a full-time legal writer in 1983.

Customer Reviews

Most Helpful Customer Reviews

70 of 71 people found the following review helpful:

5.0 out of 5 stars Just What Every Landlord Needs, March 31, 2005

By 

John Matlock "Gunny" (Winnemucca, NV) - See all my reviews
(REAL NAME)   

This review is from: Every Landlord's Tax Deduction Guide (Paperback)

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.

40 of 41 people found the following review helpful:

4.0 out of 5 stars One of Nolo's better books, February 20, 2010

By 

Mad Max (Seattle, WA USA) - See all my reviews
(TOP 500 REVIEWER)    (VINE VOICE)   

This review is from: Every Landlord's Tax Deduction Guide (Paperback)

(What's this?)

I have been sorely disappointed with Nolo's recent books. The books for legal issues for individuals are full of cliches, surface advice, and are generally very thin. I really get the sense Nolo is rushing items to market, with little concern for quality.

But this one is an exception, perhaps because it is a professional topic. My biggest complaint is that Nolo intentionally breaks up information to force you to buy multiple books, even though there is tremendous overlap (Every Landlord's Legal Guide, the Landlord's Law Book, First-Time Landlord, etc). So if you buy more than one book, you will definitely be getting redundant information. And, unlike other series (such as the Dummies Guides), they make no effort at all to include all pertinent information in just one book.

My other suggestion is, if your fairly new to small business &/or real estate taxes, trying this book: Loopholes of the Rich. The book is mostly a rant about taxes, and a history of legal tax evasion ... but the last chapter contains a huge list of tax deductions for investors and business owners, that almost everyone overlooks. And, there are plenty of used copies available for just pennies (plus shipping). Or, since the important part is only about 10 pages long, maybe you can just use the "Look Inside" feature and copy down anything that is relevant to your situation.

I would say that this book is a bit wordy, and most of the chapters are simply not applicable to most real estate investors. And I will add that most of these issues can be researched easily online. But for a 1-volume reference, this is pretty comprehensive.

I have noticed I can't get the complete table of contents using the "Look Inside" feature, so here it is:


1. Tax Deduction Basics for Landlords

* How Landlords Are Taxed
* How Income Tax Deductions Work
* How Property Ownership Affects Taxes
* The IRS and the Landlord

2. Landlord Tax Classifications

* The Landlord Tax Categories
* Business Owner Versus Investor
* Are You Profit Motivated?
* Real Estate Dealers

3. Deducting Your Operating Expenses

* Requirements for Deducting Operating Expenses
* Operating Expenses That Are Not Deductible

4. Repairs

* Repair Versus Improvement
* The General Plan of Improvement Rule: A Trap for the Unwary
* How to Deduct Repairs
* Tips for Maximizing Your Repair Deductions

5. Depreciation Basics

* Depreciation: The Landlord's Best Tax Break
* Understanding the Basics
* How to Depreciate Buildings
* Depreciating Land Improvements
* Depreciating Personal Property
* 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
* Segmented Depreciation

7. 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
* Keeping Track of Borrowed Money

8. Start-Up Expenses

* What Are Start-Up Expenses?
* Determining Your Business Start Date
* Avoiding the Start-Up Rule's Bite
* How to Deduct Start-Up Expenses
* If Your Business Doesn't Last 15 Years
* If Your Business Never Begins

9. The Home Office Deduction.

* Qualifying for the Home Office Deduction
* Calculating the Home Office Deduction
* IRS Reporting Requirements
* Audit-Proofing Your Home Office Deduction
* Deducting an Outside Office

10. 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

11. Travel Expenses

* What Are Travel Expenses?
* Deductible Travel Expenses
* How Much You Can Deduct
* Maximizing Your Travel Deductions

12. 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

13. Casualty and Theft Losses

* What Is a Casualty?
* Calculating a Casualty Loss Deduction
* Disaster Area Losses
* Casualty Gains
* Tax Reporting and Record Keeping for Casualty Losses

14. Additional Deductions

* Dues and Subscriptions
* Education Expenses
* Gifts
* Insurance for Your Rental Activity
* Legal and Professional Services
* Meals and Entertainment
* Taxes
* Unpaid Rent

15. Vacation Homes.

* The Vacation Home Tax Morass
* Regular Rental Property
* Tax-Free Vacation Home
* Vacation Home Used as Rental Property
* Vacation Home Used as Residence
* Calculating Personal and Rental Use
* Converting Your Home to a Rental Property

16. Deducting Rental Losses

* What Are Rental Losses?
* Overview of the Passive Loss Rules
* The $25,000 Offset
* The Real Estate Professional Exemption
* Rental Activities Not Subject to PAL Real Property Rental Rules
* Vacation Homes
* Deducting Suspended Passive Losses
* Tax Reporting for Passive Rental Losses
* Strategies for Dealing With the Passive Loss Rules
* At-Risk Rules
* How to Deduct Rental Losses

17. Record Keeping and Accounting

* Record Keeping Made Simple
* Accounting Methods
* Tax Years

18. All About Schedule E

* Who Must File Schedule E?
* Filling Out Schedule E
* Schedule E Example

19. Claiming Tax Deductions for Prior Years

* Reasons for Amending Your Tax Return
* Time Limits for Filing Amended Returns
* How to Amend Your Return
* How the IRS Processes Refund Claims

20. Help Beyond This Book

* Secondary Sources of Tax Information
* The Tax Law
* Consulting a Tax Professional

24 of 25 people found the following review helpful:

5.0 out of 5 stars Easy to read, December 4, 2005

By 

Lisa Coleman (West Virginia) - See all my reviews
(REAL NAME)   

This review is from: Every Landlord's Tax Deduction Guide (Paperback)

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.