Jason Watson CPA
Description
I just got a rental, what do I do? Purchasing a rental property is certainly challenging, but operating one to build wealth and find tax efficiency is
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equally challenging. This is our second book. Our first book, Taxpayer’s Comprehensive Guide to LLCs and S Corps, was published in 2014 and was well-received by small business owners and tax professionals, so as real estate CPAs we thought a book on rental properties and real estate investments would be equally helpful.
Our rental book starts with entity structures which is a commonly overlooked consideration when investors buy rental properties. Next, we move into asset management such as start-up expenses, acquisition, cost segregation, rental safe harbors, repairs versus improvements, accelerated depreciation, partial asset disposition, and 1031 like-kind exchanges including 721 exchanges.
From there we discuss various rental considerations like passive activity losses, short-term rental loophole, real estate professional status, and material participation including what time counts, and what time doesn’t count. Vacation home rules? Bolton method? Yup, that's in here!
Finally, the good stuff! Rental property tax deductions such as travel, meals, automobiles, interest tracing, home office and common expenses including the allocation of general expenses across your gaggle of rental properties. Fun! Entity Arrangements, Real Estate Holding Companies, Deal Structures Startup Expenses, Launching Your Real Estate Venture, Acquisition Costs Asset Setup On Your Tax Returns, Cost Segregation Studies Converting Your Primary Home Into a Rental Passive Activity Loss Limits Material Participation Rules, What Time Counts (and What Doesn’t) Real Estate Professional Status (REPS) Short-Term Rental (STR) Loophole Vacation Home Rules, Bolton Method State Problems With Your Rental Travel, Meal, Automobile and Home Office Deductions Common Rental Property Deductions, Allocation of General Expenses Across Multiple Rentals Rental Property Repairs Safe Harbors, Improvements Accelerated Depreciation, Section 179 Expensing, Partial Asset Disposition 1031 Like-Kind Exchange, 721 Exchange Selling Your Rental Property, Buying Out Your Partner
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