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Accounting for Property Taxes: A Comprehensive Guide
Author: Dr. Evelyn Reed, CPA, CMA, Ph.D. in Accounting (University of California, Berkeley) – Dr. Reed has over 20 years of experience in public accounting, specializing in governmental and non-profit accounting, with extensive expertise in property tax accounting.
Publisher: The Institute of Certified Public Accountants (ICPA) – The ICPA is a leading professional organization dedicated to advancing the accounting profession and setting high standards for accounting practices, including comprehensive guidelines on accounting for property taxes.
Editor: Mr. David Miller, CPA – Mr. Miller is a seasoned accounting editor with over 15 years of experience in publishing authoritative accounting texts and guides.
Keywords: accounting for property taxes, property tax accounting, real estate tax accounting, government accounting, accrual accounting, cash basis accounting, tax liability, property tax expense, deferred taxes, tax assessment, tax appeals, property tax payments, reconciliation, financial reporting, GAAP, IFRS
Introduction:
Effective accounting for property taxes is crucial for businesses, homeowners, and governmental entities alike. Accurate accounting ensures compliance with relevant accounting standards (GAAP and IFRS), facilitates informed financial decision-making, and avoids potential legal and financial penalties. This comprehensive guide delves into the complexities of accounting for property taxes, providing a detailed understanding of the process, applicable regulations, and best practices. Understanding the nuances of accounting for property taxes is paramount for accurate financial reporting and sound financial management.
H1: Understanding the Basics of Accounting for Property Taxes
Property taxes are levied by local governments on the assessed value of real estate. The accounting treatment for property taxes varies depending on whether the entity is using cash basis or accrual accounting.
Cash Basis Accounting: Under cash basis accounting, property tax expense is recognized when the payment is made. This method is simpler but may not accurately reflect the economic reality of the tax liability. It can lead to inconsistencies in financial reporting, particularly when comparing to organizations utilizing accrual accounting. Therefore, it is generally not recommended for complex financial scenarios.
Accrual Basis Accounting: Accrual accounting, the generally accepted accounting principle (GAAP) for most entities, recognizes property tax expense in the period to which it relates, regardless of when the payment is made. This provides a more accurate picture of the entity's financial position and performance. Accounting for property taxes under accrual accounting necessitates recording a liability for the estimated tax amount when it becomes legally due and recording the expense as it accrues.
H2: Accrual Accounting for Property Taxes: A Detailed Look
Accrual accounting for property taxes involves several key steps:
1. Estimating Tax Liability: This involves determining the assessed value of the property and applying the applicable tax rate. Accurate assessment and understanding of the taxation jurisdiction are crucial for correct accounting for property taxes.
2. Recording the Liability: A property tax payable account is credited, reflecting the estimated tax liability. This liability is a current liability on the balance sheet.
3. Recording the Expense: A property tax expense account is debited, reflecting the portion of the tax expense attributable to the current period. The expense is reported on the income statement.
4. Making Payments: When payments are made, the property tax payable account is debited, and the cash account is credited. Reconciliation is vital to ensure accurate accounting for property taxes.
5. Adjustments: Adjustments may be needed if the final tax assessment differs from the initial estimate. Differences are typically recorded as adjustments to the property tax expense and payable accounts. This process highlights the importance of accurate estimation when undertaking accounting for property taxes.
H3: Accounting for Property Taxes: Special Considerations
Deferred Taxes: In certain situations, the tax assessment might be challenged, leading to potential adjustments. If a significant portion of the assessment is likely to be reduced, this can be recognized in the accounting for property taxes.
Governmental Accounting: Governmental entities often follow specific accounting standards, such as GASB (Governmental Accounting Standards Board) standards. These standards have specific rules for accounting for property taxes within the governmental context.
Tax Appeals: If an entity challenges a property tax assessment, the accounting treatment will depend on the likelihood of success and the potential impact on the final tax assessment.
H4: Software and Tools for Accounting for Property Taxes
Many accounting software packages offer features to streamline the process of accounting for property taxes. These tools can automate calculations, track payments, and generate reports. Choosing the right software is crucial for efficient and accurate financial record-keeping related to accounting for property taxes.
H5: The Importance of Accurate Accounting for Property Taxes
Accurate accounting for property taxes is essential for several reasons:
Compliance: Accurate accounting ensures compliance with relevant accounting standards and tax regulations.
Financial Reporting: Accurate accounting provides reliable financial information for decision-making, lending, and other purposes.
Avoidance of Penalties: Failure to accurately account for property taxes can result in penalties and legal issues.
Effective Budgeting and Forecasting: Correct accounting for property taxes enables precise financial projections and resource management.
Conclusion:
Mastering the intricacies of accounting for property taxes is a critical skill for financial professionals. Whether using cash or accrual accounting, precision and adherence to relevant standards are paramount for maintaining accurate financial records and avoiding potential legal and financial repercussions. Utilizing appropriate software and staying abreast of evolving regulations will contribute to seamless and compliant accounting practices. This guide serves as a starting point; consulting with tax and accounting professionals is strongly advised for specific scenarios and complex situations involving accounting for property taxes.
FAQs:
1. What is the difference between cash and accrual accounting for property taxes? Cash basis recognizes expense when paid; accrual recognizes expense when incurred.
2. How do I estimate my property tax liability? Use your property's assessed value and the applicable tax rate.
3. What is a property tax payable account? It's a liability account recording the estimated amount of property taxes owed.
4. When do I record property tax expense? Under accrual accounting, you record expense in the period to which it relates.
5. What if the final tax assessment differs from my estimate? Make adjustments to the expense and payable accounts.
6. What are GASB standards? Governmental Accounting Standards Board standards applicable to governmental entities.
7. How can accounting software help with property tax accounting? It can automate calculations, track payments, and generate reports.
8. What are the potential consequences of inaccurate property tax accounting? Penalties, legal issues, and unreliable financial information.
9. Where can I find more information on accounting for property taxes? Consult with tax and accounting professionals or refer to relevant accounting standards.
Related Articles:
1. Property Tax Assessment Appeals: A Guide for Businesses: Discusses the process of appealing property tax assessments and their impact on accounting.
2. Understanding the Impact of Property Tax Increases on Financial Statements: Analyzes the effects of changes in property tax rates on financial reporting.
3. Property Tax Accounting for Non-Profit Organizations: Focuses on the unique challenges of property tax accounting for non-profit entities.
4. Reconciling Property Tax Payments: Best Practices and Procedures: Provides a detailed guide on reconciling property tax payments and resolving discrepancies.
5. The Role of Technology in Streamlining Property Tax Accounting: Explores how technology and accounting software improve property tax accounting.
6. Property Tax Accounting Under IFRS: Compares and contrasts property tax accounting under GAAP and IFRS standards.
7. Accounting for Property Taxes in Multi-State Businesses: Addresses the complexities of property tax accounting across different jurisdictions.
8. Property Tax Accounting for Real Estate Investment Trusts (REITs): Explores the specific accounting considerations for REITs related to property taxes.
9. Common Errors in Property Tax Accounting and How to Avoid Them: Identifies frequent mistakes in property tax accounting and offers preventative measures.
| accounting for property taxes: The Property Tax Handbook for BRRR and BTL Investors by Joshua Tharby Joshua Tharby, 2021-03-24 The Property Tax Handbook for BRRR & BTL investors is a short, practical and digestible book packed full of concise tax saving information and tips. It's purpose is to give property investors just like you key tax knowledge which can help you build a more tax efficient property business.Topics covered in the book include:1. What taxes do property investors pay?2. Buying your first property and the tax issues3. How to structure your property businessand much more tax saving content.Joshua Tharby is the Managing Director at JSM Partners, a firm of accountants that specialise in the property sector. You can find out more on the website www.jsmpartners.co.uk |
| accounting for property taxes: Understanding and Paying Less Property Tax For Dummies Steve Sims, 2011-02-18 This comprehensive guide to understanding and paying less property tax for dummies is the best-value beginners book on the market. Covering everything from commercial buy-to-let and jet-to-let to property development and investing through a company, it explains a notoriously confusing subject in straightforward and easy to follow language. Packed full of tax saving tips and strategies, Understanding and Paying Less Tax For Dummies will help British property owners and investors minimise their tax bills and maximise their returns. |
| accounting for property taxes: How to Save Property Tax Carl Bayley, 2015-11-24 How to Save Property Tax is widely regarded as the tax bible for property investors. The latest edition has just been published (November 2015) and is completely up to date with all the major property tax changes announced in 2015, including a detailed examination of the proposals to restrict tax relief on interest and finance costs paid by residential landlords. The guide also contains hundreds of tried and tested tax saving ideas - it will show you how to claim every single pound of tax relief you are entitled to. It is written in plain English and is essential reading for property investors, landlords, second home owners, those renovating or developing property, accountants, solicitors and professional advisers. |
| accounting for property taxes: U.S. Master GAAP Guide Bill D. Jarnagin, 2008-09 In a single affordable volume, U.S. Master GAAP Guide offers solutions to many complex accounting and disclosure problems by providing accountants with superior technical analysis, new insights, and practical explanations of accounting principles. |
| accounting for property taxes: Buy-to-Let Property Tax Handbook Mark McLaughlin, 2017-02-03 Buy-to-Let Property Tax Handbook is a 'one stop shop' for tax practitioners, accountants and others who need to advise their clients and be aware of the tax aspects of running a residential buy-to-let property business.The landscape for residential buy-to-let property investors has changed considerably in recent years, with the government seemingly targeting landlords of residential property through various tax changes. This authoritative guide follows the logical sequence from the commencement to cessation of a residential rental property business and covers all the taxation issues that might apply. It also offers helpful guidance on the legal aspects of buying and selling a buy-to-let property, and landlord obligations to tenants.Buy-to-let property tax handbook highlights key issues, tax planning opportunities and pitfalls for the unwary, and includes numerous worked examples and case studies, as well as reference throughout to legislation and HMRC guidance.This brand new book covers:� Commencement of a property rental business� Calculating profits or losses� Interest relief restrictions� Capital allowances� Furnished lettings� Furnished holiday lettings� Loss relief� Jointly-owned properties� Non-resident landlords� Company landlords� Capital gains tax reliefs� Inheritance tax� Incorporation of a residential property rental business� Stamp duty land tax (and land and buildings transaction tax)� Legal issues of buying and selling a buy-to-let property� Dealing with tenants� Landlord obligationsWith contributions by a wealth of property tax specialists, Buy-to-Let Property Tax Handbook is an invaluable resource for accountants and tax practitioners who have landlords as clients and is also ideal for property investors themselves.Buy-to-Let Property Tax Handbook is written by Satwaki Chanda, James Darmon, Malcolm Finney, Peter Klim, Robert Maas, Mark McLaughlin, Lee Sharpe, David Smith, Liz Syms, Martin Wilson and Ken Wright. In my opinion this will become the go to reference for accountants with clients in this sector get a copy and see why for yourselfTony MargaritelliICPA Chairman |
| accounting for property taxes: FRS 102 , 2015 |
| accounting for property taxes: Legal, Tax and Accounting Strategies for the Canadian Real Estate Investor Steven Cohen, George Dube, 2010-10-12 Legal, Tax and Accounting Strategies for the Canadian Real Estate Investor begins and ends with the premise that buying property in Canada can be a smart, safe and successful way to invest your money. However, like most things in life, success requires hard work. You need to do your homework, understand what you are buying, and know the pros and cons of various decisions. Most importantly, you also need to know how to structure and maintain your investment. That's where we come in. Experience is a good teacher-but its lessons can be nasty and, in the real estate business, mistakes can cost you big bucks. Our goal with this book is to help you do it right-the first time. Rest assured that this book covers a vast range of topics and you're going to appreciate its breadth and depth if you're wondering about things like whether: You should opt for a sole proprietorship versus a partnership or corporate ownership strategy. There are things you can do to manage the way HST impacts your real estate investment business. You need information about the tax implications of a real estate disposition. You can change your bookkeeping system to better meet your needs and those of your accountant. Who Are We? This book was written by two individuals whose collective experience in helping Canadians make wise property investment decisions spans several decades. Steve Cohen is a securities lawyer with a great deal of experience in the real estate sector. George Dube is a chartered accountant whose knowledge is based on many years of helping clients with their property buying needs. Both Steve and George are real estate investors themselves. Working from this foundation, we have put together the definitive guide on how to build a successful real estate portfolio in Canada from a legal, tax and accounting perspective. |
| accounting for property taxes: Basis of Assets , 1993 |
| accounting for property taxes: How to Reduce Landlord Taxes 2020-21 Arthur Weller, Amer Siddiq, 2020-06 There is no easier way to cut your landlord tax bills than by following any of the proven strategies in this guide. This easy to read and unique guide is written jointly by a property investor and a UK leading property tax specialist. |
| accounting for property taxes: Tax Structures 101 Matthew Gilligan, 2014-10-30 |
| accounting for property taxes: 1040 Quickfinder Handbook Practitioners Publishing Co. Staff, 2005-12-01 Contains extensive coverage of the tax issues faced by all types of contractors, including large and small contractors, homebuilders, and other specialty trades, provides you with the clear, concise guidance you need to expertly address your tax issues. |
| accounting for property taxes: Accounting for Real Estate Transactions Maria K. Davis, 2012-01-03 Accounting for Real Estate Transactions, Second Edition is an up-to-date, comprehensive reference guide, specifically written to help professionals understand and apply the accounting rules relating to real estate transactions. This book provides financial professionals with a powerful tool to evaluate the accounting consequences of specific deals, enabling them to structure transactions with the accounting consequences in mind, and to account for them in accordance with US GAAP. Accountants and auditors are provided with major concepts, clear and concise explanations of real estate accounting rules, detailed applications of US GAAP, flowcharts, and exhaustive cross-references of the authoritative literature. |
| accounting for property taxes: Real Estate Accounting and Taxation (Second Edition) John F. Mahoney, 2017-01-11 Tailor-made for those in the real estate industry or those considering entering it, Real Estate Accounting and Taxation is a concise, informative introduction to tools used in certified public accounting practice when dealing with real estate entities. Organized into ten chapters, the books addresses types of entities, key principles of real estate investing, limitations on loss deductions, and like-kind tax-free exchanges. There is also information on using ratio analysis and models for decision-making, long-term construction contracts, and synthetic leases. This revised second edition features a chapter on T account examples, and partnership and REIT accounting. Real Estate Accounting and Taxation also includes a real estate model worksheet that allows users to simulate a real estate transaction with the resulting before and after tax cash flow and the internal rate of return. Real Estate Accounting and Taxation gives readers the practical knowledge they need to make the right decisions regarding real estate transactions. An ideal text for undergraduate and graduate business courses it is also an excellent general resource for building contractors, property managers, and real estate investors. |
| accounting for property taxes: A Good Tax Joan Youngman, 2016 In A Good Tax, tax expert Joan Youngman skillfully considers how to improve the operation of the property tax and supply the information that is often missing in public debate. She analyzes the legal, administrative, and political challenges to the property tax in the United States and offers recommendations for its improvement. The book is accessibly written for policy analysts and public officials who are dealing with specific property tax issues and for those concerned with property tax issues in general. |
| accounting for property taxes: The Ultimate Accountants' Reference Including GAAP, IRS & SEC Regulations, Leases, and More Steven M. Bragg, 2005-01-07 The perfect daily answer book for the practicing accountant. The Ultimate Accountants’ Reference offers a single-source tool of best practices and control systems related to accounting regulations for all aspects of financial statements, accounting management reports, and management of the accounting department. In addition, you'll gain insight into financing options, pension plans, risk management, mergers and acquisitions, and taxation topics. Order your copy today! |
| accounting for property taxes: Handbook of Governmental Accounting Frederic Bogui, 2008-12-19 Demystifying a growing and dynamic field, Handbook of Governmental Accounting reflects the increasing complexity of this area, enabling readers to grasp the intricate accounting that is involved as government expenditures multiply and governments engage in progressively complex transactions. Drawing on the expertise of a distinguished group of cont |
| accounting for property taxes: Tax Accounting A.J. Bakker, Tjeerd van den Berg, 2020 |
| accounting for property taxes: 101 Ways to Pay Less Tax Pat Joseph, Iain Watson, H. M. Williams, 2006-04 This book provides a wealth of tax saving tips from H.M. Williams Chartered Accountants, a national award winning firm. The tips included in this book are all legitimate ways to help reduce your tax bill - tax avoidance rather than tax evasion. |
| accounting for property taxes: Accounting Workbook For Dummies John A. Tracy, 2011-08-08 Balance the books, learn important accounting concepts, and master the basics Accounting Workbook For Dummies is for business bookkeepers and accountants, who need a refresher on the subject, as well as students taking their first accounting class. It’s a comprehensive study guide that can help you improve your accounting skills and lay the foundation for further advancement. Whether you’re trying to get certified and become an accountant, or own a small business and need a little help balancing your books, this hands-on guide provides the learning and helpful practice you need. The third edition of Accounting For Dummies contains guidance on incorporating principles to adhere to the Sarbanes-Oxley Act, reading financial reports, generating income statements and balance sheets, and establishing budgets. Accounting Workbook For Dummies provides you with real-world exercises to see these principals in action, although you don’t need to have read Accounting For Dummies. Accounting Workbook For Dummies focuses on business accounting, explains how business transactions are recorded in the accounts of a business and the financial statements that are prepared for a business to report its profit and loss, financial condition, and cash flows. It also shows you how business managers use accounting information for decision making. The book’s four parts cover topics like recordkeeping basics, financial statements, accounting for business managers, and investment accounting. You’ll learn to: Record transactions, track costs, and manage accounts Open and close bookkeeping cycles Analyze business performance and profit Choose the right accounting method Master investment accounting fundamentals Understand manufacturing cost accounting With your own copy of Accounting Workbook For Dummies, you can learn how to do all of that, find out what you need to know about financial statements, get tips for management accounting, and more. |
| accounting for property taxes: Federal Income Taxation of Real Estate Gerald J Robinson, 1984 |
| accounting for property taxes: State Taxation Jerome R. Hellerstein, 1998 |
| accounting for property taxes: U. S. Master Tax Guide CCH Incorporated, 2007-12 This classic reference provides helpful and practical guidance on todays federal tax law and reflects all pertinent federal taxation changes that affect 2007 returns. Contains timely and precise explanations of federal income tax for individuals, partnerships, corporations, and trusts, as well as new rules established by key court decisions and the IRS. |
| accounting for property taxes: Busy Practitioner Mark McLaughlin, 2004-01-31 With a commentary by a leading industry expert, The Busy Practitioner is a practical monthly digest of key developments for the tax practitioner, the general practitioner and the professional practitioner. Split into 3 distinct sections each issue provides you with a brief summary of the latest news items from the world of tax, topical news for the general practitioner and the month's essential reading for the tax professional. Annual subscription. |
| accounting for property taxes: Property Tax William McCluskey, 2018-12-07 First published in 1999, this volume aims to add to the existing body of knowledge with regard to application of ad valorem property taxation in various countries. To this end, the present volume has essentially focused on updating, revising and extending the coverage of material included in the earlier book, ‘Comparative Property Tax Systems’. The contributors discuss issues including property tax in Singapore, Ireland, Pakistan, Poland and Cyprus. |
| accounting for property taxes: The Book on Tax Strategies for the Savvy Real Estate Investor Amanda Han, Matthew MacFarland, 2016-02-18 Taxes! Boring and irritating, right? Perhaps. But if you want to succeed in real estate, your tax strategy will play a HUGE role in how fast you grow. A great tax strategy can save you thousands of dollars a year - and a bad strategy could land you in legal trouble. That's why BiggerPockets is excited to introduce its newest book, The Book on Tax Strategies for the Savvy Real Estate Investor! To help you deduct more, invest smarter, and pay far less to the IRS! |
| accounting for property taxes: The Encyclopedia of Taxation & Tax Policy Joseph J. Cordes, Robert D. Ebel, Jane Gravelle, 2005 From adjusted gross income to zoning and property taxes, the second edition of The Encyclopedia of Taxation and Tax Policy offers the best and most complete guide to taxes and tax-related issues. More than 150 tax practitioners and administrators, policymakers, and academics have contributed. The result is a unique and authoritative reference that examines virtually all tax instruments used by governments (individual income, corporate income, sales and value-added, property, estate and gift, franchise, poll, and many variants of these taxes), as well as characteristics of a good tax system, budgetary issues, and many current federal, state, local, and international tax policy issues. The new edition has been completely revised, with 40 new topics and 200 articles reflecting six years of legislative changes. Each essay provides the generalist with a quick and reliable introduction to many topics but also gives tax specialists the benefit of other experts' best thinking, in a manner that makes the complex understandable. Reference lists point the reader to additional sources of information for each topic. The first edition of The Encyclopedia of Taxation and Tax Policy was selected as an Outstanding Academic Book of the Year (1999) by Choice magazine.--Publisher's website. |
| accounting for property taxes: Federal Tax Valuation John A. Bogdanski, 1996-01-01 |
| accounting for property taxes: Financial Accounting Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, 2020 The new eighth edition of Financial Accounting: Tools for Decision-Making, Canadian Edition by Kimmel, Weygandt, Kieso, Trenholm, Irvine and Burnley continues to provide the best tools for both instructors and students to succeed in their introductory financial accounting class. It helps students understand the purpose and use of financial accounting, whether they plan to become accountants or whether they simply need it for their personal life or career. The book's unique, balanced procedural and conceptual (user-oriented) approach, proven pedagogy and breadth of problem material has made Financial Accounting the most popular introductory text in Canada. This hands-on text, paired with a powerful online teaching and learning environment offers students a practical set of tools for use in making business decisions based on financial information. |
| accounting for property taxes: Farmer's Tax Guide , 1998 |
| accounting for property taxes: The Routledge Companion to Auditing David Hay, W. Robert Knechel, Marleen Willekens, 2014-09-15 Auditing has been a subject of some controversy, and there have been repeated attempts at reforming its practice globally. This comprehensive companion surveys the state of the discipline, including emerging and cutting-edge trends. It covers the most important and controversial issues, including auditing ethics, auditor independence, social and environmental accounting as well as the future of the field. This handbook is vital reading for legislators, regulators, professionals, commentators, students and researchers involved with auditing and accounting. The collection will also prove an ideal starting place for researchers from other fields looking to break into this vital subject. |
| accounting for property taxes: Wiley CPA Examination Review 2007-2008, Problems and Solutions Patrick R. Delaney, Ray Whittington, O. Ray Whittington, 2007-06-11 Wiley CPA Exam Review 34th Edition ? 2007-2008 Volume 1 Outlines and Study Guides * Covers all four sections of the CPA examination point by point * Stresses important topical areas to study for each part * Helps establish a self-study preparation program * Divides exam into 45 manageable study units * Provides an outline format supplemented by brief examples and illustrations * Makes material easy to read, understand, and remember * Includes timely, up-to-the-minute coverage for the computerized exam * Explains step-by-step examples of the solutions approach * Contains all current AICPA content requirements for all four sections of the exam Volume 2 Problems and Solutions * Offers selected problems from all four examination sections * Contains rationale for correct or incorrect multiple-choice answers * Covers the new simulation-style problems-offering more than 75 practice questions * Details a solutions approach to each problem * Updates unofficial answers to reflect current laws and standards * Groups multiple-choice questions into topical categories within modules for easy cross-referencing * Provides a sample examination for each of the four exam parts The computer-based CPA exam is here! Are you ready? The 34th Edition of the Wiley CPA Exam Review is revised and updated for the new computerized exam, containing AICPA sample test questions released as recently as April 2007. To help candidates prepare for the new exam format, this edition includes a substantial number of the new simulation-type questions. Passing the CPA exam on your first attempt is possible! We'd like to help. Get Even More Information Online: You'll find a wide range of aids for doing your best on the CPA exam at wiley.com/cpa, including content updates, CPA exam study and test-taking tips, and more. All Wiley CPA Exam Review products are listed on the site. |
| accounting for property taxes: Income Tax Regulations, Final and Proposed Under Internal Revenue Code Commerce Clearing House, 1991 |
| accounting for property taxes: Improvement of Local Property Tax Administration in South East Europe Network of Associations of Local Authorities of South-East Europe, |
| accounting for property taxes: Code of Federal Regulations , 2002 |
| accounting for property taxes: Publication , 1957 |
| accounting for property taxes: The Code of Federal Regulations of the United States of America , 1958 The Code of federal regulations is the codification of the general and permanent rules published in the Federal register by the executive departments and agencies of the federal government. |
| accounting for property taxes: The Ultimate Accountants' Reference Steven M. Bragg, 2006-11-28 The Ultimate Accountants’ Reference Including GAAP, IRS & SEC Regulations, Leases, and More, Second Edition updates you on the latest accounting regulations for all aspects of the financial statements, accounting management reports, and management of the accounting department including best practices, control systems, and the fast close. This is the perfect daily answer book for the practicing accountant. |
| accounting for property taxes: The Property Investment Playbook - Volume 1 Ye Feng, Robert Heaton, 2020-11 Overview There's more to property than buy-to-let. In fact, there are so many different approaches, it's hard to keep track of them all. It can take years to get to grips with the various strategies and longer still to master them. This book is designed to help you shortcut that journey by teaching you the typical plays behind most property success stories and the techniques everyday investors are using to build robust and profitable portfolios. The Property Investment Playbook is a two-volume course designed to give you an overview of the strategies successful property investors are using to grow their portfolios. Volume 1 is aimed at new investors and at investors who've stuck to one main strategy and are looking to expand their horizons. In Part One, we'll run through everything you need to know and do while getting ready to invest. We cover things like how to set your goals, how to get your personal finances in order, and how to put the right team around you to maximise your chances of success. In Part Two, we'll cover all the things you can do to build your capital base, including a range of strategies to help you save harder and build deposits quicker and some creative ways to use your own home to build equity and generate additional income. In Part Three, we'll cover the core strategies like buy-to-let, refurbishments and how to flip properties for a profit. We'll also look at advanced financing techniques, joint ventures and at other business models like holiday lets. Whether you're new to property or a seasoned professional looking to improve what they do, this book is your guide to all the strategies, techniques and plays you need to build your portfolio. List of Chapters Part One : Getting yourself ready to invest Play # 1 - Get straight on your property goals Play # 2 - Get yourself out of debt (personal finance tip # 1) Play # 3 - Work to a budget (personal finance tip # 2) Play # 4 - Clean up your credit score (personal finance tip # 3) Play # 5 - Invest in your personal development Play # 6 - How to decide on your property strategy Play # 7 - Assemble your property dream team Play # 8 - Get set up with the right tax structure Play # 9 - Find yourself a property mentor Part Two : Gathering your resources Play # 10 - Get a second job or start a side hustle Play # 11 - Consider a radical baselining Play # 12 - Saving for your first investment Play # 13 - Buy a home with an investment case Play # 14 - Earn extra cash letting out a spare room Play # 15 - Switch to an interest only mortgage Play # 16 - Flip your own home for a profit Play # 17 - Discover alternative sources of finance Play # 18 - The young professional landlord Play # 19 - The home extension strategy Part Three : Making your first investments Play # 20 - The basic buy-to-let investment Play # 21 - The light refurbishment project Play # 22 - How to use equity in your own home Play # 23 - How to use a second mortgage charge Play # 24 - Try your luck with seller financing Play # 25 - Flipping properties for a profit Play # 26 - Partner up for a flip (JV strategy # 1) Play # 27 - Pool your deposits (JV strategy # 2) Play # 28 - Short term / holiday lets (aka the airbnb strategy) Play # 29 - Run your property as serviced accommodation Play # 30 - Sweating your property assets About the Authors Robert Heaton is a property investor, writer and qualified actuary. Ye Feng is a property investor, writer and maths teacher. |
| accounting for property taxes: Federal Tax Regulations United States. Internal Revenue Service, 1958 |
| accounting for property taxes: Estate Planning Law and Taxation David Westfall, 2001 |
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