| Warning. Introduction. 1. Understanding Capital Gains. What Is a Capital Asset? Capital Gains Tax Rates. Holding Periods for Capital Assets. Multiple Holding Periods. What Is "Basis"? Settlement, Closing, or Housing and Urban Development (HUD) Costs. Sales of Business Property (Noncapital Property). Cancellation of Debt. Conclusion. 2. Your Personal Residence. Home Mortgage Interest Tax Rules. Real Estate Taxes. Exceptions to the Two-Year Rule. How to Compute Reduced Capital Gain Exclusion. Vacant Land. Converting Rental Property to Your Personal Residence. The Home Office and Exclusion of Capital Gains. Sale of a Home in the Year of Divorce. Unmarried Couples and the Exclusion. Sale of a Home in the Year of Death of One Homeowner/Spouse. Incapacity. First-Time Homebuyer Credit. Loss on the Sale of a Personal Residence. Tax-Free Rental Income. Foreclosure of Primary Residence. Conclusion. 3. Deductions for Rental Property. What Is Rental Income? Common Rental Property Tax Deductions. The Real Estate Professional and Rental Property Losses. Tax Credits for Rental Properties. Recordkeeping Requirements for Rental Properties. Conclusion. 4. Like-Kind Exchanges and Section 1031. Simultaneous Exchanges. Deferred (Nonsimultaneous) Exchanges. The Identification Period. Reverse (Starker) Exchanges. How to Permanently Eliminate the Gain on the Transfer of Property Through a Like-Kind Exchange. Losses. Real Estate Dealers. Business Entities. Tenant-in-Common Interests and Like-Kind Exchanges. Last-Minute or Broken Exchanges. Related-Party Issues. Basis of Property Received. Refinancing. Sale Expenses. When Not to Use a Like-Kind Exchange. Conclusion. 5. The Dealer Issue. What Is a Dealer? Tax Consequences of Being a Dealer. Tax Planning Strategies. Conclusion. 6. Installment Sales. What Is an Installment Sale? Installment Sales Between Related Parties. Opting Out of Installment Sale Reporting. Installment Sale of Your Primary Residence. Use of Escrow Account for an Installment Sale. Considerations Related to Installment Sales. Default Under Installment Agreements. Conclusion. 7. Passive Activity Rules Related to Real Estate. Participation. Modified Adjusted Gross Limitation. Former Passive Activities. At-Risk Limitations. Dispositions and Installment Sales. Conclusion. 8. Trusts, Trusts, Trusts! Land Trusts. Private Annuity Trusts. Charitable Remainder Trusts. Conclusion. 9. Individual Retirement Accounts. IRA Rules and Plan Types. Necessary Steps to Using an IRA for Real Estate Transactions. Buying Notes or Liens in an IRA. Prohibited Transactions with Real Estate in an Individual Retirement Account. The Use of Financing in an IRA. Conclusion. 10. Depreciation Issues with Real Estate. How Is Basis Computed? What Is the Recovery Period for Property Subject to Depreciation? What Methods of Depreciation Are Available? Depreciation Rates for New Property. Component Depreciation. Section 179 Deductions. Must Depreciation Be Claimed? Conclusion. 11. Business Entities and Real Estate Investors. The C Corporation. The S Corporation. The Limited Liability Company (LLC). The Limited Partnership. Conclusion. Conclusion. Appendix A: IRS Tax Forms. Appendix B: Checklists and Forms. Notes. About the Authors. Index. |
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