Author : Stephen Fishman
ABOUT THE AUTHOR:
Stephen Fishman is the author of many Nolo books, including Deduct It! Lower Your Small Business Taxes, Every Landlord's Tax Deduction Guide, Tax Deductions for Professionals, and Home Business Tax Deductions: Keep What You Earn--plus many other legal and business books. He received his law degree from the University of Southern California in 1979. After time in government and private practice, he became a full-time legal writer in 1983.

PRODUCT/BOOK DESCRIPTION:
The only book on tax deductions written for residential landlords!
Named a "Top 10 Real Estate Book" by Robert Bruss, syndicated real estate columnist

If you own rental property, it's in your best interest to take advantage of the many tax write-offs available. But how do you know if you qualify for a specific deduction? Every Landlord's Tax Deduction Guide will show you, in plain English, how residential landlords can save big money on taxes -- without the services of a pricey accounting firm.

This book explains how to maximize your deductions legally and avoid IRS scrutiny. 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 shows you how the law works in real life with compelling real-world examples that will show you how these deductions can be applied. The updated edition is completely updated to cover the most recent changes in tax laws, including substantive changes and updated tax numbers.

“This unusual book makes tax tactics actually interesting, whether you are a novice or a serious full-time investor.”
-The Washington Post

“The best of the best...heavily emphasizes maximizing depreciation deductions.”
-Chicago Tribune

TABLE OF CONTENT:
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 Investors. 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 Repair Versus Improvement. The General Plan of Improvement Rule: A Trap for the Unwary. 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. 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. 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. Record Keeping Made Simple. Accounting Methods. Tax Years
18. All About Schedule E. Who Must File Schedule E? Filling Out Schedule E. Schedule E Example
19. Claiming Tax Deductions for Prior Years. Reasons for Amending Your Tax Return. Time Limits for Filing Amended Returns. How to Amend Your Return. How the IRS Processes Refund Claims.
20. Help Beyond This Book. Secondary Sources of Tax Information. The Tax Law. Consulting a Tax Professional