Real Estate Taxation: A Practitioner's Guide, 3rd Edition

Real Estate Taxation is CCH's highly successful guide to the federal tax consequences of real estate ownership, operations and activities.

This updated Third Edition is the most practical and affordable reference available for all tax, real estate and investment professionals who need to know the tax ramifications and underpinnings of real estate investment. Recent regulations, tax rates and rulings are reflected throughout, along with other developments like the reduced or zero tax rates for the sale of qualifying property in designated depressed areas and additional deductions to assist economically depressed areas and New York City following the terrorist attacks of September 11, 2001.

Real Estate Taxation begins by analyzing the tax basis of real estate and then offers a comprehensive discussion of the forms of ownership with comparative benefits and pitfalls of the differing types. Mortgages, at-risk rules, interest and other financial issues are thoroughly covered. Activities involved once ownership is established are then discussed, including rental/leasing arrangements, tenant's rent deduction, landlord's income, lease acquisition and cancellation, leasehold improvements, and investment credit considerations.

The book thoroughly examines the actual operation of real estate, including coverage of operating expenses and taxes, mixed-use residences, startup expenses and real estate taxes, plus guidance on additions and improvements, depreciation, development and related issues. An in-depth focus on passive activity loss rules is included, as well as a separate section analyzing homeowner issues. Finally, the disposition of real estate is covered, along with a special discussion dealing with securitized real estate investments.