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

by Sandy Botkin

Book Overview

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... This description may be from another edition of this product.

• Format: Paperback
• Language: English
• ISBN: 0071472355
• Release Date: November 2006
• Publisher: McGraw Hill
• Length: 240 Pages
• Weight: 1.00 lbs.
• Dimensions: 9.0" x 0.6" x 7.2"

Customer Reviews

Excellent must have book

Sandy Botkin is one of the best in making the complex simple and easy. I have also purchased his tape seminars online. An indispensable guide if you prepare taxes or just want to be aware of the best tax strategies available. His other book - Lower your taxes - big time - is also a MUST HAVE!

It's all in the details.

Well written to those that want an introduction into real estate investments and provides some reasonable tax savings tips that do not appear in other tax related books. Using the example on page 98, I figure the gain net return on investment to be 4.5% instead of 31%. I used different assumptions. My assumptions are based on the following: I used $6,027 in buying closing costs. I figured fair rental value as 90% of (5% down, 30 year mortgage at current interest rate) or $1,135 per month. I figured a $45 taxable loss on the sale of the land and building since closing costs and recaptured depreciation offset gain. I figured a $5,736 loss on schedule E before I realized that hiring a property management company means that I cannot take the tax loss on Schedule E. Most of the loss was due to $4,879 in depreciation. I figured the cash flow to be a negative $1,859 for the year since I had lowered the rental income projection and added the property management fee.

Hundreds of Tax Tips re Real Estate

It should come as no surprise to you that the Federal Income Taxes are horribly confusing. They contain all kinds of special loopholds, private benefits, bureaucratic rulings and whatever that it's very difficult to follow. This book takes one small subset of the tax code, that pertaining to real estate and pointing out literally hundreds of rulings that you probably never expected. For instance -- Interest on mortages for your home, both principal home and second home is deductable. But. What's a home? A place that 'provides basic living accommodations such as a sleeping place, a toilet, and cooking facilities.' Does your motor home, travel trailer, or boat provide such accommodations? Yes, then it's a home. What if you rent it out some of the time? She provides the IRS rulings. The book is well written, not difficult to follow, and almost certainly can enable you to find enough deductions to cover it's fairly low cost.

Excellent Book for Anyone that Touches Real Estate and Investments

Sandy Botkin has presented a very clear analysis of the tax advantages around owning real estate. Real Estate Tax Secrets of the Rich is an excellent tool for any financial and real estate professional (CPA, CFP, Mortgage Advisors, Realtors, etc)that counsels and advises property owners and investors. I intend to make this book available for my clients as well.