By Stephen Fishman J.D.
The one publication on tax deductions in particular for residential landlords! Named a "Top 10 actual property publication" through Robert Bruss, syndicated genuine property columnist if you happen to personal condominium estate, you need to be profiting from the various tax write-offs to be had. each Landlord's Tax Deduction consultant offers residential landlords the plain-English consultant they should get a better price on taxes -- with out the providers of a dear accounting enterprise. This booklet explains tips on how to maximize your deductions with out drawing the ire of the IRS. tips on how to: fill out IRS agenda E take genuine property tax credit determine if an fee is a fix (deductible) or an development (depreciable) maximize your depreciation deductions deduct losses coming up from genuine property possession hold right tax documents deduct domestic place of work, shuttle, and casualty losses each Landlord's Tax Deduction consultant is finished but effortless to learn and gives fascinating real-world examples. The fifth version is totally up-to-date for 2008 returns and displays the most recent tax info and numbers. (20090202)
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Additional info for Every Landlord's Tax Deduction Guide
Example text
67% of her home is rented out. She can deduct as a rental expense one-sixth of any expense that must be divided between rental use and personal use. Example 2: Instead of using the square footage of her house, Jane figures that her home has five rooms of about equal size, and she is renting out one of them. She determines that one-fifth, or 20%, of her home is being rented. She deducts 20% of her expenses that must be divided between rental and personal use. As the examples show, you can often get a larger deduction by using the room method instead of the square footage of your home.
People who own businesses are entitled to deduct their ordinary and necessary expenses. C. ) Investors are entitled to deduct any ordinary and necessary expenses they incur in connection with producing or collecting income, or managing, Chapter 2 | Landlord Tax classifications | 39 conserving, or maintaining property they hold to produce income—for example, a real estate rental. C. ) Thus, both business owners and investors may deduct: • repair costs (see Chapter 4) • depreciation (see Chapter 5) • interest (see Chapter 7) • taxes (see Chapter 14) • car and local travel expenses (see Chapter 10) • long distance travel expenses (see Chapter 11) • meal and entertainment expenses (see Chapter 14) • the costs of hiring workers (see Chapter 12) • casualty losses (see Chapter 13) • payments for professional services (see Chapter 3), and • other operating expenses, such as advertising and insurance (see Chapter 3).
Example: Edwin Curphey, a dermatologist, owned six rental properties in Hawaii. He converted a bedroom in his home into an office for his real estate activities. Curphey personally managed his rentals, which included seeking new tenants, supplying furnishings, and cleaning and otherwise preparing 36 | Every Landlord’s tax deduction guide the units for new tenants. The court held that these activities were sufficiently systematic and continuous to place him in the business of real estate rental.