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Rating: 
Summary: Clear and Useful Advice
Review: I purchased this book several years ago after I purchased a 10-unit apartment building which I subsequently managed myself. I also do my own taxes. I found the book to be in invaluable resource guide. The ONLY book of it's kind (I probably have 20 on my shelf). Holmes shares his experience with IRS audits of property owners. He knows the tax code inside and out and the best ways a property owner can utilize it to their advantage (legally and above board, no slick marketing, just examples of what works).Holmes skips the hype that almost every real estate investing book seems to love pitching. He has invested in real estate himself and has done taxes for hundreds of customers. He shares specific information about each form, how the IRS views the information (ie tips on avoiding an audit) and gives very detailed examples of Schedule E, Depreciation calculation, vacation homes and other topics. There's an excellent section on 1031 exchange which I'm re-reading. He answers questions about state taxation issues and gives a detailed example of how California's aggressive tax stance on property sold within it's borders can be avoided by using a 1031 exchange into another state. This chapter gives a step by step calculation of how to calculate the deferred capital gain in an exchange, something I looked for on the web to no avail. It's also not in the IRC. This book continues to provide me with answers I can't seem to locate anywhere else. A must purchase for small rental real estate property owners.
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