Here are the basics of Schedule E (Form 1040) with respect to income, expense, and depreciation of rented residential and non-residential realty owned by individuals and professionals.
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Most Helpful Customer Reviews
26 of 26 people found the following review helpful:
5.0 out of 5 stars
Clear and Useful Advice,
By A Customer
This review is from: Rental Real Estate (Series 400: Owners and Sellers) (Paperback)
I purchased this book several years ago after I purchased a 10-unit apartment building which I subsequently managed myself. I also do my own taxes. I found the book to be in invaluable resource guide. The ONLY book of it's kind (I probably have 20 on my shelf). Holmes shares his experience with IRS audits of property owners. He knows the tax code inside and out and the best ways a property owner can utilize it to their advantage (legally and above board, no slick marketing, just examples of what works).Holmes skips the hype that almost every real estate investing book seems to love pitching. He has invested in real estate himself and has done taxes for hundreds of customers. He shares specific information about each form, how the IRS views the information (ie tips on avoiding an audit) and gives very detailed examples of Schedule E, Depreciation calculation, vacation homes and other topics. There's an excellent section on 1031 exchange which I'm re-reading. He answers questions about state taxation issues and gives a detailed example of how California's aggressive tax stance on property sold within it's borders can be avoided by using a 1031 exchange into another state. This chapter gives a step by step calculation of how to calculate the deferred capital gain in an exchange, something I looked for on the web to no avail. It's also not in the IRC. This book continues to provide me with answers I can't seem to locate anywhere else. A must purchase for small rental real estate property owners.
2 of 3 people found the following review helpful:
5.0 out of 5 stars
The only book you'll need to manage rental real estate,
By
This review is from: Rental Real Estate (Series 400: Owners and Sellers) (Paperback)
This book explains all facets of managing rental dwellings or farmland and the tax implications that go along with it. The book is easy to read, easy to index, and includes lots of good examples of things like depreciation schedules or tax return schedules. If you are thinking about buying rental real estate, or already own rental real estate, this book will easily pay for itself with all of the legal tips it provides on minimizing your tax bill. It's a very handy reference for those just starting out with rental properties. Some of the example spreadsheets look a little dated, but are easy to replicate on modern spreadsheet programs (Microsoft Excel for example).
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Inside This Book
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First Sentence:
Everybody knows what "real estate" is. Read the first page Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
nonlike property, fair rental days, excess debt over basis, vacation home rental rules, unallowed losses, farm rental income, general disallowance rule, rental realty, farmland rentals, vacation home rules, installment sale income, personal use days, recapture income, shared equity financing agreement, property relinquished, income ledger, such taxable year, rental real estate activities, loss limitation rules, appurtenant land, nonresident state, rental loss, installment note, suspended losses, tax code section Key Phrases - Capitalized Phrases (CAPs): (learn more)
Passive Activity Loss Limitations, Sales of Business Property, United States, Internal Revenue Code, Mortgage Interest Statement New!
Books on Related Topics | Concordance | Text Stats Browse Sample Pages:
Front Cover | Table of Contents | First Pages | Back Cover | Surprise Me!
Everybody knows what "real estate" is. Read the first page Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
nonlike property, fair rental days, excess debt over basis, vacation home rental rules, unallowed losses, farm rental income, general disallowance rule, rental realty, farmland rentals, vacation home rules, installment sale income, personal use days, recapture income, shared equity financing agreement, property relinquished, income ledger, such taxable year, rental real estate activities, loss limitation rules, appurtenant land, nonresident state, rental loss, installment note, suspended losses, tax code section Key Phrases - Capitalized Phrases (CAPs): (learn more)
Passive Activity Loss Limitations, Sales of Business Property, United States, Internal Revenue Code, Mortgage Interest Statement New!
Books on Related Topics | Concordance | Text Stats Browse Sample Pages:
Front Cover | Table of Contents | First Pages | Back Cover | Surprise Me!
Citations (learn more)
This book cites 1
book:
4
books
cite this book:
- Real Estate (Methuen New Theatrescript) by Louise Page on page 3, page 4, and page 38
- Profitable Real Estate Investing : Making Big Money, Finding the Right Properties, Investing on a Shoestring by Roger Woodson in Back Matter
- Your Trustee Duties: How to Dissect a Trust Contract, Prepare Form 1041, Distribute Income and Principal to Beneficiaries, and Terminate the Trust (Series 300: Retirees & Estates) by Holmes F. Crouch in Back Matter
- Being Self-Employed: How to Run a Business Out of Your Home, Claim Travel and Depreciation, and Earn a Good Income Well into Your 70s or 80s (Series 100: Individuals & Families) by Holmes F. Crouch in Back Matter
- Selling Your Home(s): How to Parlay the Up to $250,000/$500,000 Capital Gain Exclusion on Each Residence Sale into a Tax-Free Nest Egg (Series 400: Owners & Sellers) by Holmes F. Crouch in Back Matter
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