Every Landlord's Tax Deduction Guide » (Revised)

Stephen Fishman is the author of many Nolo books, most recently Tax Deductions for Professionals. Other titles include Deduct It! Lower Your Small Business Taxes, Every Landlord's Tax Deduction Guide 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.

The only book on tax deductions specifically for residential landlords!

Named a "Top 10 Real Estate Book" 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. The 7th edition is completely updated for 2010 returns and reflects the latest tax information and numbers.

The Washington Post

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

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
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 HomeOffice 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

Index