21 Things I Wish My Broker Had Told Me: Practical Advice for by Frank Cook

By Frank Cook

Within the moment variation of this best-selling e-book, Frank prepare dinner offers much more hands-on suggestion from top-producing actual property pros to assist new brokers get their begin, or preserve, a winning occupation in genuine property. the second one variation bargains functional counsel for fast-tracking your first transaction, constructing a business plan, effectively facing rivals and masses more.

Highlights:

Interviews and real-life insights from the genuine property industry's so much profitable and best generating agents and agents.

Revised and up-to-date know-how bankruptcy bargains a jargon-free rationalization of the hi-tech recommendations to be had today.

New appendix outlines the approximately two hundred parts of a true property transaction in a short, at-a-glance checklist.

New end-of-chapter information provide useful, take-away suggestion and spotlight key thoughts.

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Additional info for 21 Things I Wish My Broker Had Told Me: Practical Advice for New Real Estate Professionals (2nd Edition)

Sample text

On top of that, while personal interest on your credit card debt and car loan is not deductible, you can magically transform such nondeductible interest into deductible interest if you use a “home equity” mortgage loan to pay off these debts. ) Of course, as with any deduction, there are certain requirements you have to meet. But the circumstances under which most home mortgage loans are made assure that the requirements will be met. Caution The type of mortgage loans discussed here are for the purchase, construction, or improvement of your home.

The only remaining step for figuring the amount of depreciation is to multiply the portion of basis allocable to business use by the depreciation percentage. The depreciation percentage is found on page 3 of the Instructions for Form 8829, reproduced in Appendix A. 461 percent. 71, which, when rounded off, provides a depreciation deduction of $271. This depreciation deduction is entered on line 40 of Form 8829 and added to the previous deductions of $550 and $660, producing total home office deductions of $1,481.

RECURRING DEDUCTIONS EVERY YEAR YOU OWN YOUR HOME We now turn to another possible tax advantage of having a home office: It may make commuting expenses deductible. 14 How Home Office Makes Commuting Costs Deductible Commuting costs are usually nondeductible. For example, if you live in the suburbs and drive or take the bus or train to your job in the city, no deduction is allowed for your transportation costs. ” Tax Break. Homeowners who have a qualifying home office may be the beneficiaries of a little-known tax break.

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