Well-written, comprehensive advice and strategies detailing the whys, the hows, and the potential pitfalls of real estate...

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THE BOOK ON TAX STRATEGIES FOR THE SAVVY REAL ESTATE INVESTOR

POWERFUL TECHNIQUES ANYONE CAN USE TO DEDUCT MORE, INVEST SMARTER, AND PAY FAR LESS TO THE IRS!

A debut guide offers tips for those actively investing in real estate or considering the move to boost income and build wealth.

In this book, Han and MacFarland detail tax-saving strategies, stressing the need for proactive tax planning before any real estate investments are made and explaining why full and accurate record-keeping and documentation remain vital to business success. The manual covers how related expenses, such as traveling to view potential properties and catering at open house events, can be broadly defined but still legally deducted as long as they are an ordinary and necessary part of doing business. The correct way to establish and use legal entities such as Limited Liability Corporations and S Corporations to protect assets is also discussed. Furthermore, the authors address how investors can avoid the dreaded IRS audit and demonstrate why striving to become as audit-proof as possible is so important: “Unlike the U.S. criminal court system, which deems a person innocent until proven guilty, the IRS has a completely different viewpoint: the taxpayer is guilty until proven innocent.” Another section identifies the ways in which flipped properties are taxed differently than other real estate investments and what effect that has on individuals. The authors write in a friendly, engaging style, explaining complicated real estate tax and legal matters clearly and without condescension. Although some of the tax strategies outlined may sound familiar to investors, other information may be new. For example, the authors explain how an individual’s retirement account can be designated as self-directed rather than based on the stock market and then leveraged to finance property purchases. Their main points are underscored and enlivened by case studies describing the experiences of their clients who’ve made good and bad decisions in their real estate investments and the consequences that resulted. It’s not necessary to be a tax expert to follow the arguments in this guide, and the appended glossary of terms provides additional help.

Well-written, comprehensive advice and strategies detailing the whys, the hows, and the potential pitfalls of real estate investing.

Pub Date: Feb. 18, 2016

ISBN: 978-0-9907117-6-6

Page Count: 210

Publisher: BiggerPockets

Review Posted Online: Feb. 15, 2017

Kirkus Reviews Issue: April 1, 2017

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Striking research showing the immense complexity of ordinary thought and revealing the identities of the gatekeepers in our...

THINKING, FAST AND SLOW

A psychologist and Nobel Prize winner summarizes and synthesizes the recent decades of research on intuition and systematic thinking.

The author of several scholarly texts, Kahneman (Emeritus Psychology and Public Affairs/Princeton Univ.) now offers general readers not just the findings of psychological research but also a better understanding of how research questions arise and how scholars systematically frame and answer them. He begins with the distinction between System 1 and System 2 mental operations, the former referring to quick, automatic thought, the latter to more effortful, overt thinking. We rely heavily, writes, on System 1, resorting to the higher-energy System 2 only when we need or want to. Kahneman continually refers to System 2 as “lazy”: We don’t want to think rigorously about something. The author then explores the nuances of our two-system minds, showing how they perform in various situations. Psychological experiments have repeatedly revealed that our intuitions are generally wrong, that our assessments are based on biases and that our System 1 hates doubt and despises ambiguity. Kahneman largely avoids jargon; when he does use some (“heuristics,” for example), he argues that such terms really ought to join our everyday vocabulary. He reviews many fundamental concepts in psychology and statistics (regression to the mean, the narrative fallacy, the optimistic bias), showing how they relate to his overall concerns about how we think and why we make the decisions that we do. Some of the later chapters (dealing with risk-taking and statistics and probabilities) are denser than others (some readers may resent such demands on System 2!), but the passages that deal with the economic and political implications of the research are gripping.

Striking research showing the immense complexity of ordinary thought and revealing the identities of the gatekeepers in our minds.

Pub Date: Nov. 1, 2011

ISBN: 978-0-374-27563-1

Page Count: 512

Publisher: Farrar, Straus and Giroux

Review Posted Online: Sept. 4, 2011

Kirkus Reviews Issue: Sept. 15, 2011

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A deftly argued case for a new kind of socialism that, while sure to inspire controversy, bears widespread discussion.

CAPITAL AND IDEOLOGY

A massive investigation of economic history in the service of proposing a political order to overcome inequality.

Readers who like their political manifestoes in manageable sizes, à la Common Sense or The Communist Manifesto, may be overwhelmed by the latest from famed French economist Piketty (Top Incomes in France in the Twentieth Century: Inequality and Redistribution, 1901-1998, 2014, etc.), but it’s a significant work. The author interrogates the principal forms of economic organization over time, from slavery to “non-European trifunctional societies,” Chinese-style communism, and “hypercapitalist” orders, in order to examine relative levels of inequality and its evolution. Each system is founded on an ideology, and “every ideology, no matter how extreme it may seem in its defense of inequality, expresses a certain idea of social justice.” In the present era, at least in the U.S., that idea of social justice would seem to be only that the big ones eat the little ones, the principal justification being that the wealthiest people became rich because they are “the most enterprising, deserving, and useful.” In fact, as Piketty demonstrates, there’s more to inequality than the mere “size of the income gap.” Contrary to hypercapitalist ideology and its defenders, the playing field is not level, the market is not self-regulating, and access is not evenly distributed. Against this, Piketty arrives at a proposed system that, among other things, would redistribute wealth across societies by heavy taxation, especially of inheritances, to create a “participatory socialism” in which power is widely shared and trade across nations is truly free. The word “socialism,” he allows, is a kind of Pandora’s box that can scare people off—and, he further acknowledges, “the Russian and Czech oligarchs who buy athletic teams and newspapers may not be the most savory characters, but the Soviet system was a nightmare and had to go.” Yet so, too, writes the author, is a capitalism that rewards so few at the expense of so many.

A deftly argued case for a new kind of socialism that, while sure to inspire controversy, bears widespread discussion.

Pub Date: March 10, 2020

ISBN: 978-0-674-98082-2

Page Count: 976

Publisher: Belknap/Harvard Univ.

Review Posted Online: Dec. 22, 2019

Kirkus Reviews Issue: Jan. 15, 2020

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