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Tax Insight: For Tax Year 2014 and Beyond, THIRD EDITION by M.Casey Murdock

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CHAPTER 24

Real Estate Income and Deductions

A Uniquely Taxed Business

In many ways, the taxation of real estate is just like the taxation of any other business. In fact, if you are involved in the real estate business, Chapters 18, 19, 21, and 22 in Part 4 of this book are required reading. The same rules that apply to a business regarding travel expenses, meals, depreciation, and so on apply also to the real estate business.

With that said, there are also many ways in which real estate businesses are taxed that are unique. These nuances bring with them tax strategies geared toward the real estate business. Several of these unique features are focused on in this chapter, including:

  • Rent recognition rules
  • Allowable expenses
  • Repairs vs. improvements ...

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