Every Landlord’s Tax Deduction Guide (Every Landlord's Tax Deduction Guide) by Fishman, Stephen -- Read -- Imperial Library of Trantor

Index

Title Copyright Acknowledgements About the Author Table of Contents Introduction: Your Tax Deduction Companion for Landlords 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

The New IRS Rules: Repair Versus Improvement 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 New Simplified Home Office Deduction Method 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 Repair and Replacement Costs for Casualty 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

What Records Do You Need? A Simple Record-Keeping System Accounting Methods Tax Years

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

20 Help Beyond This Book

Information From the IRS Other Online Tax Resources Tax Publications Tax Software Consulting a Tax Professional

Index