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Every Landlord's Tax Deduction Guide summary
Brief summary
Every Landlord's Tax Deduction Guide by Stephen Fishman is a comprehensive resource that provides valuable information on tax deductions for rental property owners. It covers a wide range of topics, including rental income, expenses, depreciation, and more.
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Table of Contents
Every Landlord's Tax Deduction Guide
Summary of key ideas
Understanding the Tax System for Landlords
In Every Landlord's Tax Deduction Guide by Stephen Fishman, we begin with an understanding of the tax system for landlords. The book highlights how rental property ownership is a business, and as such, landlords can claim a variety of deductions to reduce their tax bill. Fishman explains the two types of rental property expenses: current expenses and capital expenses, and how each is treated differently for tax purposes.
He goes on to discuss the various tax classifications for landlords, including those who are considered real estate professionals, and the different tax rules that apply to them. Fishman also explains how to report rental income, including the different forms and schedules that landlords must use when filing their taxes.
Maximizing Your Deductions
In the next section, Every Landlord's Tax Deduction Guide delves into the heart of the matter: maximizing your deductions. Fishman covers the various expenses that landlords can deduct, including mortgage interest, property taxes, repairs, maintenance, insurance, and more. He explains the rules and limitations for each type of deduction, and offers practical tips for keeping accurate records and substantiating your expenses.
Additionally, the book explores more advanced tax strategies for landlords, such as claiming a home office deduction, deducting travel expenses, and taking advantage of the Section 179 deduction for certain types of property. Fishman also discusses the tax implications of selling rental property and how to calculate and minimize your capital gains tax.
Understanding Depreciation and Passive Activity Rules
One of the key tax benefits of owning rental property is the ability to claim depreciation, which allows landlords to deduct a portion of the property's cost each year. In the subsequent chapters, Every Landlord's Tax Deduction Guide provides a comprehensive understanding of depreciation, including the different methods of calculating depreciation, the rules for depreciating different types of property, and the tax consequences of recapturing depreciation when selling a rental property.
Furthermore, the book addresses the passive activity rules, which limit the amount of losses that landlords can deduct from their rental activities. Fishman explains how these rules work, the exceptions that apply to real estate professionals, and strategies for maximizing your deductions while staying within the bounds of the passive activity rules.
Staying Compliant with the IRS
As we near the end of the book, Every Landlord's Tax Deduction Guide emphasizes the importance of staying compliant with the IRS. Fishman provides guidance on keeping accurate records, filing the necessary forms and schedules, and knowing what to do in case of an audit. He also explains the tax implications of hiring workers to help with your rental properties, including the rules for classifying workers as employees or independent contractors.
Finally, the book covers the tax implications of owning rental property in a limited liability company (LLC) or other business entity, and the various tax forms and schedules that landlords must use when filing their taxes for these entities.
Adapting to Tax Law Changes
In the concluding sections, Every Landlord's Tax Deduction Guide acknowledges the ever-changing nature of tax laws and provides advice on adapting to these changes. Fishman discusses the impact of recent tax reform on landlords, including the new 20% pass-through deduction and other deduction and depreciation changes that are particularly beneficial to landlords.
In conclusion, Every Landlord's Tax Deduction Guide is a comprehensive resource for landlords looking to maximize their tax deductions and stay compliant with the IRS. Fishman's practical advice, real-world examples, and coverage of recent tax law changes make this book an invaluable tool for landlords at any stage of their rental property journey.
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What is Every Landlord's Tax Deduction Guide about?
Every Landlord's Tax Deduction Guide by Stephen Fishman provides essential information for property owners on how to maximize their tax deductions. It covers a wide range of topics including rental income, expenses, depreciation, and much more. With clear explanations and real-life examples, this book is a valuable resource for landlords looking to save money on their taxes.
Every Landlord's Tax Deduction Guide Review
Every Landlord's Tax Deduction Guide (2020) by Stephen Fishman is a valuable resource for anyone navigating the complexities of taxation related to rental properties. Here's why this book stands out:
- Provides clear and comprehensive explanations of tax deductions specific to landlords, helping readers maximize their savings effortlessly.
- Offers practical tips and strategies for reducing tax liabilities, making the process of filing taxes less daunting and more manageable.
- Its user-friendly approach and real-life examples ensure that taxation concepts are easily understood and implemented, keeping readers engaged throughout.
Who should read Every Landlord's Tax Deduction Guide?
Landlords and property owners looking to maximize their tax deductions
Real estate investors and rental property managers
Individuals who want to understand the complex tax laws related to rental properties
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Every Landlord's Tax Deduction Guide FAQs
What is the main message of Every Landlord's Tax Deduction Guide?
The main message of Every Landlord's Tax Deduction Guide is to help landlords understand tax deductions effectively.
How long does it take to read Every Landlord's Tax Deduction Guide?
Reading Every Landlord's Tax Deduction Guide takes a few hours. The Blinkist summary can be read in minutes.
Is Every Landlord's Tax Deduction Guide a good book? Is it worth reading?
Every Landlord's Tax Deduction Guide is a must-read for landlords. It simplifies complex tax strategies in a practical way.
Who is the author of Every Landlord's Tax Deduction Guide?
The author of Every Landlord's Tax Deduction Guide is Stephen Fishman.
What to read after Every Landlord's Tax Deduction Guide?
If you're wondering what to read next after Every Landlord's Tax Deduction Guide, here are some recommendations we suggest:
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- The Richest Man in Babylon by George S. Clason
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- The Most Important Thing by Howard Marks
- More Money Than God by Sebastian Mallaby
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