Real Estate Tax Secrets of the Rich

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Real Estate Tax Secrets of the Rich

Real Estate Tax Secrets of the Rich

Authors: Sandy Botkin

Published: October 2006

eISBN: 9780071661546 0071661549 | ISBN: 9780071472357

Contents

Dedications and Acknowledgments

Introduction

Part 1 Overview of Real Estate

Chapter 1. Why You Should Own Your Home

Chapter 2. Buy a Home or Die in Poverty

Part 2 Tax Goodies from Owning a Home

Chapter 3. Tax Basis–The Starting Place for All Deductions

Chapter 4. IRS Record-Keeping Requirements to Bulletproof Your Basis

Chapter 5. Why Making Improvements to Your Home Is Much More Valuable than Making Repairs

Chapter 6. Maximizing the New Mortgage Interest Rules

Chapter 7. The Point of Points

Chapter 8. Maximizing Your Deductions when Building a Home

Chapter 9. Maximizing the Effect of Real Estate Taxes

Part 3 Maximizing Tax Benefits when You Dispose of Your Home

Chapter 10. Excluding Gain when You Sell Your Home–An Overview of the New Universal Exclusion

Chapter 11. Exceptions to the Two-Year Rule

Chapter 12. Divorce and Death Implications

Chapter 13. Using an S Corporation to Avoid the Two-Year Rule

Part 4 Introduction to Tax Planning for Buying and Looking for Rental Property

Chapter 14. Introduction to Investment Property

Chapter 15. Understanding Depreciation

Chapter 16. How to Evaluate Rates of Return for Residential Investment Property

Chapter 17. How to Deduct the Cost of Looking for Property

Part 5 Tax Goodies Incurred while Owning Rental Property

Chapter 18. Minimizing Passive Loss Problems

Chapter 19. Maximizing Your Depreciation Deductions

Chapter 20. Making Land Deductible

Chapter 21. Splitting Income by Hiring Family Members

Chapter 22. Why Repairs on Investment Property Are Important

Part 6 Minimizing Taxes when Disposing of Real Estate

Chapter 23. How to Calculate Gain or Loss

Chapter 24. When to Use Seller Financing

Chapter 25. How to Avoid All Gain on the Sale of Investment Property Using Like-Kind Exchanges

Chapter 26. Sales to Relatives

Part 7 Miscellaneous Real Estate Tax Considerations

Chapter 27. Understanding Vacation Home and Second Home Rules

Chapter 28. Tax Benefits of Owning Motels, Hotels, and Bed-and-Breakfasts

Chapter 29. Frequently Asked Questions

Appendix 1 Recommended Tax Resources

Appendix 2 Leveraging Today’s Technology

Appendix 3 Forms

Index