Where can I read up more on IRS codes ?

Question

Does IRS publish the various codes (maybe a book or a pdf document) that I can read up ? I am interested in knowing more about Tax saving techniques via RE investing.

Joe Splitrock · Answer

@Kaustubh Johri the actual IRS code is 2600 pages. You will fall asleep by page 2, haha:

https://www.irs.gov/privacy-di...

As an investor, I would recommend four things:

1. Read NOLO Every Landlords Tax Deduction Guide. You can find this in libraries or just buy the book. It is a great high level explanation of deductions applicable to landlords.

https://store.nolo.com/product...

2. The IRS has many explanation documents that give examples. For a rental property investor, understanding Schedule E is critical. I have read and recommend you read the Schedule E instructions:

https://www.irs.gov/pub/irs-pd...

3. BiggerPockets has published two books on tax strategy. I would read both of these books:

https://store.biggerpockets.co...

4. Find a good tax professional that has expertise in real estate investment taxes. Although educating yourself is important, a tax professional will have substantially more experience, because they do taxes for hundreds of people. They will stay current on IRS changes and have tax strategies for every stage of your investing career. I could do my own taxes, but I don't. I am knowledgeable enough that I can have an intelligent discussion with my CPA.

Two knowledgeable tax professionals have already responded this thread. Both @Natalie Kolodij and @Michael Plaks are regulars here in the forums. Ask them for the Joe Splitrock discount if you choose to work with them.

Natalie Kolodij · Answer

I make people send me a rock in the mail in addition to their normal fees if they mention

@Joe Splitrock. I could really use a smokey quartz if anyone is interested in working with me.

Kaustubh Johri · Answer

Thanks for your inputs @Natalie Kolodij and @Michael Plaks..

Michael Plaks · Answer

Can't speak for Natalie, but we might have to renegotiate this arrangement :) PS. Thank you, Joe.

Kaustubh Johri · Answer

Thanks @Joe Splitrock . I Have ordered the BP book along with the book by Fishman. My intention was not to do my taxes but to just increase my knowledge. Thanks for the links and the information. Appreciate it.

J Zev J. · Answer

@Kaustubh Johri - If you want something applicable from the IRS you can read their publications. I don't think reading the IRS code will help you come up with tax savings techniques. The IRS code is just one facet of tax law. In addition to the Code there are tax regulations, IRS bulletins, and tax court cases that have to be understood to get the big picture. It's better to read books that summarize some of the strategies for you or at least the publications, as I mentioned above, will help give you some practical guidance.

Michael Plaks · Answer

Stay away from the IRS publications. They do more to confuse you than to explain anything.

Get some books: two of them are published by BiggerPockets (see the Bookstore), and on Amazon look for books by Stephen Fishman, Sandy Botkin, Tom Wheelright and Mark Kohler, among other good authors.

Where can I read up more on IRS codes ?

Where can I read up more on IRS codes ?

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