Every landlord's tax deduction guide
Book - 2005
Saved in:
- Subjects
- Genres
- Self-help publications
Law for laypersons
Handbooks and manuals - Published
-
Berkeley, CA :
Nolo
2005-
- Language
- English
- Item Description
- Editions 1-3 (2005-2006)--cataloged as monographs in LC.
- Physical Description
- volumes : illustrations ; 23 cm
- Publication Frequency
- Annual.
- Bibliography
- Includes index.
- ISBN
- 9781413331394
- ISSN
- 19458770
- Introduction
- 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 vs. Investor
- Are You Profit Motivated?
- 3. Deducting Your Operating Expenses
- Requirements for Deducting Operating Expenses
- Operating Expenses That Aren't Deductible
- 4. Repairs
- IRS Rules: Repairs vs. 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
- 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
- Landlords Who Own Multiple Properties
- Strategies to Maximize the Pass-Through Deduction
- Landlord Business Safe Harbor Rule
- 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 $29 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
- Tax Credits and Deductions for Electric Vehicles
- 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 vs. Independent Contractors
- Tax Rules When Hiring Independent Contractors
- Tax Rules for Employees
- Hiring Your Family
- Hiring a Resident Manager
- COVID-19 Tax Credits for Landlord Employers
- 14. Casualty and Theft Losses
- What Is a Casualty?
- Calculating a Casualty Loss Deduction
- Federally Declared Disaster Area Losses
- Casualty Gains
- Repair and Replacement Costs for Casualty Losses
- Tax Reporting and Record Keeping for Casualty Losses
- 15. Additional Deductions and Credits
- Business Energy Investment Tax Credit
- 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
- Annual Loss Limits
- 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 NUT Works
- Real Estate Professional Exemption From the NUT
- Planning to Avoid the NMT
- Index