
- 464 pages
- English
- PDF
- Available on iOS & Android
Every Landlord's Tax Deduction Guide
About this book
Maximize your tax deductions
Rental real estate provides more tax breaks than almost any other investment. Understanding and taking advantage of all the tax breaks available for landlords can make the difference between earning a profit and losing money. But the majority of the nation's 10 million landlords own only one or two units and can't afford high-priced tax advice from experts. Every Landlord's Tax Deduction Guide provides landlords with the tax information they need.
This edition has been completely updated to cover all the latest changes in the tax laws brought about by COVID-19 relief legislation. It includes information on how landlords can deduct rental losses caused by the pandemic, sick leave and family leave tax credits for self-employed landlords, employee retention credit, and tax-free treatment of landlord PPP loans.
This book also explains:
- how landlord businesses are legally organized
- how to maximize depreciation deductions
- distinguishing between repairs and improvements
- handling casualty and theft losses
- deducting home office, car travel, and meals
- how to benefit from real estate professional status
- hiring workers
- taking advantage of the 20% pass-through tax deduction
- how to keep property records, and
- filing the landlord tax form: IRS Schedule E.
And a new section explains the ins and outs of getting paid and paying others with Bitcoin or another cryptocurrency and what it means for your taxes.
Frequently asked questions
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Information
Table of contents
- Cover
- Title Page
- Table of Contents
- Introduction
- 1. Tax Deduction Basics for Landlords
- 2. Landlord Tax Classifications
- 3. Deducting Your Operating Expenses
- 4. Repairs
- 5. Depreciation Basics
- 6. Maximizing Your Depreciation Deductions
- 7. The Pass-Through Tax Deduction
- 8. Interest
- 9. Start-Up Expenses
- 10. The Home Office Deduction
- 11. Car and Local Transportation Expenses
- 12. Travel Expenses
- 13. Hiring Help
- 14. Casualty and Theft Losses
- 15. Additional Deductions
- 16. Deducting Rental Losses
- 17. Record Keeping and Accounting
- 18. All About Schedule E
- 19. The Net Investment Income Tax
- Index
- Book Registration