Every Landlord's Tax Deduction Guide

Every Landlord's Tax Deduction Guide

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The only book on tax deductions specifically for residential landlords! Named a qTop 10 Real Estate Bookq 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. This edition is completely updated for 2014 returns and reflects the latest tax information and numbers.Property Converted to Rental Use If you convert property you have been using personally to use in your rental activity, ... Rather than buying new furniture, he moves in some old furniture from his personal residence, including a sofa, dinette set, and bed. ... If the property is older, youa#39;ll need to figure out the value based on the new price minus an amount for the wear and tear the property has undergone. ... EXAMPLE: Phil owns a pickup truck he uses exclusively for his rental business.

Title:Every Landlord's Tax Deduction Guide
Author:Stephen Fishman
Publisher:Nolo - 2014-12-01


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