Comments on: Real Estate Tax Secrets of the Rich: Big-Time Tax Advantages of Buying, Selling, and Owning Real Estate http://www.norwalk-cpa.com/real-estate-tax-secrets-of-the-rich-big-time-tax-advantages-of-buying-selling-and-owning-real-estate/ A Norwalk, CA Accounting Groups Sun, 21 Mar 2010 02:48:14 +0000 hourly 1 http://wordpress.org/?v=abc By: John Matlock http://www.norwalk-cpa.com/real-estate-tax-secrets-of-the-rich-big-time-tax-advantages-of-buying-selling-and-owning-real-estate/comment-page-1/#comment-754 John Matlock Fri, 13 Nov 2009 21:12:00 +0000 http://www.norwalk-cpa.com/real-estate-tax-secrets-of-the-rich-big-time-tax-advantages-of-buying-selling-and-owning-real-estate/#comment-754 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. <br /> <br />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. <br /> <br />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. Rating: 5 / 5 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.
Rating: 5 / 5

]]> By: R. Link http://www.norwalk-cpa.com/real-estate-tax-secrets-of-the-rich-big-time-tax-advantages-of-buying-selling-and-owning-real-estate/comment-page-1/#comment-753 R. Link Fri, 13 Nov 2009 19:21:43 +0000 http://www.norwalk-cpa.com/real-estate-tax-secrets-of-the-rich-big-time-tax-advantages-of-buying-selling-and-owning-real-estate/#comment-753 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! Rating: 5 / 5 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!
Rating: 5 / 5

]]> By: Edward A. Hollinshead http://www.norwalk-cpa.com/real-estate-tax-secrets-of-the-rich-big-time-tax-advantages-of-buying-selling-and-owning-real-estate/comment-page-1/#comment-752 Edward A. Hollinshead Fri, 13 Nov 2009 16:53:12 +0000 http://www.norwalk-cpa.com/real-estate-tax-secrets-of-the-rich-big-time-tax-advantages-of-buying-selling-and-owning-real-estate/#comment-752 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. Rating: 5 / 5 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.
Rating: 5 / 5

]]> By: Michael Billing http://www.norwalk-cpa.com/real-estate-tax-secrets-of-the-rich-big-time-tax-advantages-of-buying-selling-and-owning-real-estate/comment-page-1/#comment-751 Michael Billing Fri, 13 Nov 2009 16:44:23 +0000 http://www.norwalk-cpa.com/real-estate-tax-secrets-of-the-rich-big-time-tax-advantages-of-buying-selling-and-owning-real-estate/#comment-751 This book is not worth the paper it is printed on. Very poor structure. Badly written in such a way that the Secrets remain so. I would not recommend this book to anyone. Rating: 1 / 5 This book is not worth the paper it is printed on. Very poor structure. Badly written in such a way that the Secrets remain so. I would not recommend this book to anyone.
Rating: 1 / 5

]]> By: Donald T. Fleming http://www.norwalk-cpa.com/real-estate-tax-secrets-of-the-rich-big-time-tax-advantages-of-buying-selling-and-owning-real-estate/comment-page-1/#comment-750 Donald T. Fleming Fri, 13 Nov 2009 14:05:34 +0000 http://www.norwalk-cpa.com/real-estate-tax-secrets-of-the-rich-big-time-tax-advantages-of-buying-selling-and-owning-real-estate/#comment-750 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. <br /> Rating: 4 / 5 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.


Rating: 4 / 5

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