Rental Real Estate: Guides to Help Taxpayers Make Decisions Throughout the Year to Reduce Taxes, Eliminate Hassles, and Minimize Professio

by Holmes F. Crouch

Book Overview

Here are the basics of Schedule E (Form 1040) with respect to income, expense, and depreciation of rented residential and non-residential realty owned by individuals and professionals. This description may be from another edition of this product.

• Format: Paperback
• Language: English
• ISBN: 094481753X
• ISBN13: 9780944817537
• Release Date: January 1998
• Publisher: Allyear Tax Guides
• Length: 224 Pages
• Weight: 0.85 lbs.
• Dimensions: 0.6" x 6.0" x 9.0"

Customer Reviews

The only book you'll need to manage rental real estate

This book explains all facets of managing rental dwellings or farmland and the tax implications that go along with it. The book is easy to read, easy to index, and includes lots of good examples of things like depreciation schedules or tax return schedules. If you are thinking about buying rental real estate, or already own rental real estate, this book will easily pay for itself with all of the legal tips it provides on minimizing your tax bill. It's a very handy reference for those just starting out with rental properties. Some of the example spreadsheets look a little dated, but are easy to replicate on modern spreadsheet programs (Microsoft Excel for example).

Clear and Useful Advice

I purchased this book several years ago after I purchased a 10-unit apartment building which I subsequently managed myself. I also do my own taxes. I found the book to be in invaluable resource guide. The ONLY book of it's kind (I probably have 20 on my shelf). Holmes shares his experience with IRS audits of property owners. He knows the tax code inside and out and the best ways a property owner can utilize it to their advantage (legally and above board, no slick marketing, just examples of what works).Holmes skips the hype that almost every real estate investing book seems to love pitching. He has invested in real estate himself and has done taxes for hundreds of customers. He shares specific information about each form, how the IRS views the information (ie tips on avoiding an audit) and gives very detailed examples of Schedule E, Depreciation calculation, vacation homes and other topics.There's an excellent section on 1031 exchange which I'm re-reading. He answers questions about state taxation issues and gives a detailed example of how California's aggressive tax stance on property sold within it's borders can be avoided by using a 1031 exchange into another state. This chapter gives a step by step calculation of how to calculate the deferred capital gain in an exchange, something I looked for on the web to no avail. It's also not in the IRC.This book continues to provide me with answers I can't seem to locate anywhere else. A must purchase for small rental real estate property owners.