Book Report: The Book on Tax Strategies for the Savvy Real ....

The Book on Tax Strategies for the Savvy Real Estate Investor

By Amanda Han and Matthew MacFarland

Copyright: 2016 Publisher: Bigger Pockets

Read Completed: September 2016

Purchased soft cover from www.biggerpockets.com (25% off sale)

Overall Rating: 9.5/10

This book was a perfect read for this period of my life in my beginner investing career. I have one rental property and want to buy more. So to get more money, I cashed out my entire old employer 401k (about $30,000). Well, this book showed me how that was a huge mistake and there are other things I could have done to roll it over into a self directed account and then use the money. Dang.

The other chapters were easier to read. Simple stories about deductions and expenses, vacations and planning. I loved the story about LLCs (since that seems to be a very common questions on the forums). Actually, so many questions on the BP forums could be answered by just reading this book. I seem to recommend it a lot in my replies. This is a very simple book, and very easy to understand. And most importantly, it was an enjoyable read. The chapters started with a real life story, so the reader could follow through an applicable scenario with the author's’ advice and commentary.

I think the most inspiring thing about this book is that it gave me the confidence to take action. I called my CPA and have a planning appointment this afternoon. I know the points I want to talk about, and have the knowledge and words to ask the right questions. I want to be prepared for tax filing season and do the most I can do to save on taxes (the highest expense people pay, but never realize!).

Book Recommended For: Real estate investors, or real estate business owners. More on the beginner side of the spectrum, but could be a good read or reminder read for any level.

Summary of the Book in my Words: An enjoyable book on taxes for real estate investors, and some of the best basic advice for saving money and tax planning.

Favorite Parts: The stories, and everything was interesting. It was an easy, fun read.

Least Favorite Parts: When I read about a huge mistake that I made in my life by cashing out my old 401k (but I think I will be okay in the end).

Buy, borrow, or listen: Buy. You will want to have this book on your shelf for reference. And have the ability to wave it in your friend's face to tell them to read it.