Real Estate Tax Secrets of the Rich Big-Time

IRS insider Sandy Botkin reveals the tax strategies you can use to increase your ROIs by as much as 20 percent-whether you're a home owner or a real estate investor. This accessible guide demystifies real estate taxes and shows how to achieve maximum benefit when buying, owning, selling, managing, repairing, and investing in properties. Features numerous forms, charts, sample documents, and other valuable tax-saving tools Gives you the basics on real estate taxes and shows how to take full advantage of tax loopholes

Sandy Botkin, CPA, Esq. former attorney and trainer for the IRS, is the president of the Tax Reduction Institute. Through seminars he has taught thousands how to save millions on their taxes.

Dedications and Acknowledgments

vii

Introduction

ix

Part 1 Overview of Real Estate

1

(16)

Why You Should Own Your Home

3

(8)

Buy a Home or Die in Poverty

11

(6)

Part 2 Tax Goodies from Owning a Home

17

(42)

Tax Basis--The Starting Place for All Deductions

19

(6)

IRS Record-Keeping Requirements to Bulletproof Your Basis

25

(6)

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

31

(6)

Maximizing the New Mortgage Interest Rules

37

(8)

The Point of Points

45

(6)

Maximizing Your Deductions when Building a Home

51

(4)

Maximizing the Effect of Real Estate Taxes

55

(4)

Part 3 Maximizing Tax Benefits when You Dispose of Your Home

59

(24)

Excluding Gain when You Sell Your Home--An Overview of the New Universal Exclusion

61

(6)

Exceptions to the Two-Year Rule

67

(4)

Divorce and Death Implications

71

(6)

Using an S Corporation to Avoid the Two-Year Rule

77

(6)

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

83

(24)

Introduction to Investment Property

85

(4)

Understanding Depreciation

89

(6)

How to Evaluate Rates of Return for Residential Investment Property

95

(6)

How to Deduct the Cost of Looking for Property

101

(6)

Part 5 Tax Goodies Incurred while Owning Rental Property

107

(44)

Minimizing Passive Loss Problems

109

(12)

Maximizing Your Depreciation Deductions

121

(6)

Making Land Deductible

127

(8)

Splitting Income by Hiring Family Members

135

(6)

Why Repairs on Investment Property Are Important

141

(10)

Part 6 Minimizing Taxes when Disposing of Real Estate

151

(34)

How to Calculate Gain or Loss

153

(2)

When to Use Seller Financing

155

(16)

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

171

(10)

Sales to Relatives

181

(4)

Part 7 Miscellaneous Real Estate Tax Considerations

185

(24)

Understanding Vacation Home and Second Home Rules

187

(8)

Tax Benefits of Owning Motels, Hotels, and Bed-and-Breakfasts

195

(6)

Frequently Asked Questions

201

(8)

Appendix 1 Recommended Tax Resources

209

(4)

Appendix 2 Leveraging Today's Technology

213

(6)

Appendix 3 Forms

219

(3)

Index

222

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Real Estate Tax Secrets of the Rich Big-Time Tax Advantages of Buying, Selling, and Owning Real Estate

Summary

Author Biography

Table of Contents

Supplemental Materials