Rental Real Estate Deductions
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1 Rental Real Estate Deductions 10 th Edition Stephen Fishman, J.D.
2 Chapter 1 Tax Deduction Basics for Landlords... 1 Learning Objectives... 1 Introduction... 1 How Landlords Are Taxed... 1 Income Taxes on Rental Income... 1 Income Taxes on Profits When You Sell Your Property... 1 Social Security and Medicare Payroll Taxes... 2 Net Investment Income Tax... 2 Property Taxes... 2 How Income Tax Deductions Work... 3 What Can You Deduct?... 4 How Your Tax Status Affects Your Deductions... 5 The Value of a Tax Deduction... 5 How Property Ownership Affects Taxes... 7 Individual Ownership... 7 Ownership Through a Business Entity The Mini-Landlord: Renting Out a Room in Your Home The IRS and the Landlord Anatomy of an Audit The IRS: Clear and Present Danger or Phantom Menace? Audit Rates for Landlords Automated Underreporter Program Six Tips for Avoiding an Audit Review Questions Review Answers Chapter 2 Landlord Tax Classifications Learning Objectives Introduction The Landlord Tax Categories Business Owner Versus Investor Are You a Business Owner or an Investor? The Importance of Good Records Tax Consequences Are You Profit Motivated? What Is a Not-for-Profit Activity? Tax Consequences of Not-for-Profit Rentals How to Show Your Profit Motive Real Estate Dealers What Is a Real Estate Dealer? Determining If You Are a Dealer Tax Consequences of Being a Dealer Review Questions Review Answers Chapter 3 Deducting Your Operating Expenses Learning Objectives Introduction Requirements for Deducting Operating Expenses Ordinary and Necessary Current Expense Business-Related Reasonable in Amount Operating Expenses That Are Not Deductible... 42
3 Review Questions Review Answers Chapter 4 Repairs Learning Objectives Introduction The New IRS Rules: Repair Versus Improvement Defining the Unit of Property ( UOP ) What is an Improvement? Plan of Rehabilitation Doctrine Eliminated Complying With the New IRS Rules Safe Harbors for Building Owners Complying With Government Regulations Tax Break for Accessibility Changes Energy Efficiency Deduction How to Deduct Repairs Combining Repairs With Improvements Making Tenants Pay for Repairs Repairs Paid for or Performed by Tenants Tips for Maximizing Your Repair Deductions Patch, Mend, and Make Do Don t Replace Properly Document Repairs Do Preventive Maintenance Delay Big Repair Expenses Review Questions Review Answers Chapter 5 Depreciation Basics Learning Objectives Introduction Depreciation: The Landlord s Best Tax Break Understanding the Basics What Property Can Be Depreciated? How Depreciation Works Taking Separate Deductions How to Depreciate Buildings What Is a Building? When a Building Is Placed in Service Determining a Building s Basis The Depreciation Period How Much You Depreciate Each Year Depreciating Additions and Improvements Depreciating Land Improvements Changes to Land Structures Other Than Buildings Regular and Bonus Depreciation Depreciating Personal Property What Is Personal Property? When to Depreciate Personal Property Bonus Depreciation Regular Depreciation When Is Personal Property Placed in Service? Determining the Basis of Personal Property Depreciation Period First-Year Depreciation Depreciation Methods Listed Property Section 179 Expensing ii
4 When You Sell Your Property Adjusted Basis Effect of Adjusted Basis When You Sell Like-Kind Exchanges: Deferring Taxes on Rental Property The Home Sale Exclusion Avoiding Taxes When You Sell Your Rental Tax Reporting and Record Keeping for Depreciation Review Questions Review Answers Chapter 6 Maximizing Your Depreciation Deductions Learning Objectives Introduction Determining the Value of Your Land and Buildings There Is No One Way to Determine Land and Building Values Figuring Your Improvement Ratio Property Tax Bill Replacement Cost Buyer-Seller Valuation Comparable Land Sales Segmented Depreciation Identifying Your Personal Property Determining Fair Market Value of Personal Property Steps to Calculate Segmented Depreciation Review Questions Review Answers Chapter 7 Interest Learning Objectives Introduction Interest Landlords Can (and Can t) Deduct Mortgage Interest Interest, Not Principal, Is Deductible Expenses to Obtain a Mortgage Private Mortgage Insurance Mortgage Refinancing Mixed-Use Properties Other Interest Expenses Credit Cards and Loans Car Loans Home Offices Home Equity Loans 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 Day Rule Allocation Rules Review Questions Review Answers Chapter 8 Start-Up Expenses Learning Objectives Introduction What Are Start-Up Expenses? Determining Your Business Start Date Rental Business Begins When You Offer Property for Rent Expanding an Existing Rental Business iii
5 Avoiding the Start-Up Rule s Bite How to Deduct Start-Up Expenses Expenses You Can Deduct Costs That Are Not Start-Up Expenses If Your Business Doesn t Last 15 Years If Your Business Never Begins Review Questions Review Answers Chapter 9 The Home Office Deduction Learning Objectives Introduction Qualifying for the Home Office Deduction Threshold Requirements Additional Requirements Calculating the Home Office Deduction How Much of Your Home Is Used for Your Rental Business? What Expenses Can You Deduct? New Simplified Home Office Deduction Method How the Simple Method Works Is the Simplified Method a Good Deal? IRS Reporting Requirements Audit-Proofing Your Home Office Deduction Prove That You Are Following the Rules Keep Good Expense Records Deducting an Outside Office Renting an Office Using an Office in Your Rental Building Buying a Separate Office Building Review Questions Review Answers Chapter 10 Car and Local Transportation Expenses Learning Objectives Introduction Deductible Local Transportation Expenses Travel Must Be for Rental Activities Driving From and to Home The Standard Mileage Rate How the Standard Mileage Rate Works Requirements to Use the Standard Mileage Rate The Actual Expense Method How the Actual Expense Method Works Record-Keeping Requirements Vehicle Depreciation Deductions Leasing a Car Other Local Transportation Expenses Reporting Transportation Expenses on Your Tax Return Review Questions Review Answers Chapter 11 Travel Expenses Learning Objectives Introduction What Are Travel Expenses? Where Is Your Tax Home? Your Trip Must Be for Business Deductible Travel Expenses iv
6 Traveling First Class or Steerage Taking People With You How Much You Can Deduct Travel Outside the United States Conventions Calculating Time Spent on Rental Activities % Limit on Meal Expenses Maximizing Your Travel Deductions Plan Ahead Make a Paper Trail Maximize Your Rental Activity Days Take Advantage of the Sandwich Day Rule Review Questions Review Answers Chapter 12 Hiring Help Learning Objectives Introduction Deducting Payments to Workers Operating Expenses Start-Up Expenses Depreciation Expenses Employees Versus Independent Contractors Tests to Determine Workers Tax Status Common Classifications for Workers Tax Rules When Hiring Independent Contractors Threshold for IC Income Reporting Obtaining Taxpayer Identification Numbers Filing IRS Form 1099-MISC Reporting Requirements Don t Apply to Corporations New Hire Reporting Requirements for ICs Paying Independent Contractors Expenses Tax Rules for Employees Employer s FICA Contributions FUTA FITW State Payroll Taxes Hiring Your Family Employing Your Children Employing Your Spouse Rules to Follow When Employing Your Family Hiring a Resident Manager No Payroll Taxes for Free Lodging Minimum Wage Requirements Review Questions Review Answers Chapter 13 Casualty and Theft Losses Learning Objectives Introduction What Is a Casualty? External Force Required Theft or Vandalism Calculating a Casualty Loss Deduction Insurance Property a Total Loss Property a Partial Loss Deducting Separate Components v
7 Damage to Your Home Office Effect of Casualty Losses on Basis Disaster Area Losses Repair and Replacement Costs For Casualty Losses Casualty Gains Tax Reporting and Record Keeping for Casualty Losses Review Questions Review Answers Chapter 14 Additional Deductions Learning Objectives Introduction Dues and Subscriptions Education Expenses Before You Are in Business Traveling for Education Gifts Insurance for Your Rental Activity Homeowners Insurance for Your Home Office Car Insurance Prepaying Your Insurance Premiums Legal and Professional Services Buying Long-Term Property Management Fees Starting a Business Accounting Fees Meals and Entertainment Whom Can You Entertain? You Must Discuss Your Rental Activity Calculating Your Deduction Taxes Real Property Taxes Employment Taxes Unpaid Rent Review Questions Review Answers Chapter 15 Vacation Homes Learning Objectives Introduction The Vacation Home Tax Morass Regular Rental Property Tax-Free Vacation Home No Tax Due on Rental Income Tax Deductions Vacation Home Used as Rental Property Deducting Expenses The Hobby Loss and Passive Loss Rules Vacation Home Used as Residence You Cannot Deduct Losses Calculating Your Deductions Calculating Personal and Rental Use Calculating Personal Use Calculating Rental Use Putting Your Calculations Together Converting Your Home to a Rental Property Review Questions Review Answers vi
8 Chapter 16 Deducting Rental Losses Learning Objectives Introduction What Are Rental Losses? Overview of the Passive Loss Rules What Are the PAL Rules For? How the PAL Rules Work The $25,000 Offset Requirements Determining Your Offset Deduction The Real Estate Professional Exemption The Three-Part Test Applying the Test What Happens If You Qualify for the Exemption? The Real Estate Professional Exemption Is Not Optional Record Keeping for the Real Estate Professional Exemption Rental Activities Not Subject to PAL Real Property Rental Rules Rentals for Seven Days or Less Rentals for 30 Days or Less Vacation Homes Deducting Suspended Passive Losses You Must Have Passive Income The $25,000 Offset The Real Estate Professional Exemption Profits From Sale of Property Tax Reporting for Passive Rental Losses Strategies for Dealing With the Passive Loss Rules Lower Your Rental Expenses Use Home Equity Loans Generate More Passive Income At-Risk Rules How to Deduct Rental Losses Calculating Your Net Operating Loss Carrying a Loss Back Electing to Carry Forward an NOL Instead Review Questions Review Answers Chapter 17 Record Keeping and Accounting Learning Objectives Introduction What Records Do You Need? Paper Versus Electronic Records Create Your Own Spreadsheet Software Programs A Simple Record-Keeping System An Easy Filing System Separate Checkbook and Credit Cards Dealing With Receipts, Canceled Checks, and Other Supporting Documents Expense Journal Rental Income Journal Asset Records Records Required for Local Travel Records Required for Long-Distance Travel, Meals, Entertainment, and Gifts How Long to Keep Records When You Don t Have Proper Tax Records Accounting Methods Cash Method vii
9 Accrual Method Tax Years Review Questions Review Answers Chapter 18 All About Schedule E Introduction Who Must File Schedule E? Filling Out Schedule E Filing IRS Forms 1099 (Lines A and B) Property Description (Line 1) Dual Use Properties (Line 2) Qualified Joint Venture (Line 2) Rental Income (Line 3) Royalties Received (Line 4) Expenses (Lines 5-20) Rental Summary (Lines 21-26) Review Questions Review Answers Chapter 19 The Net Investment Income Tax Learning Objectives Introduction How the NII Tax Works What Is the NII Tax? Who Is Subject to the NII Tax Amount of the Tax Real Estate Professional Exemption From the NII Tax Real Estate Professional Material Participation in Rental Activity Rental Activity a Business Planning to Avoid the NII Tax Review Questions Review Answers Chapter 20 Help Beyond This Book Learning Objectives Introduction Information From the IRS Other Online Tax Resources Tax Publications Tax Software The Tax Law Internal Revenue Code IRS Regulations Court Cases IRS Rulings, Interpretations, and Tax Advice Review Questions Review Answers Glossary Index viii
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