Is there a book or a website that explains advanced tax returns?

Question

I'm a mortgage banker whom has been working with a lot of high networth clients whom tend to be business owners and real estate investors that have very complicated tax returns. I'm looking for a book/guide that will help me become an expert on the them. I understand the schedule E's and the transfers from the corporate Schedule K's to the personal is supposed to be the only income I can use plus adding back the deprecation (the basics) , but I'm looking to get very savvy with this and was looking for a suggestion?

Its more fun debating with underwriting when your argument is crisp. Thanks for your help.

Jason

Answer 1

Actually, I don't think you're asking a tax question. What you are really asking, I think, is how to determine the quality of one's income so that you can convince the underwriter to give a better rate or higher loan to your clients. So I'm with Judy on this one. A course at a tax prep shop isn't going to help you.

The best guide would be the PPC Series but that is used by CPAs and doesn't come cheap. Maybe CCH's Master Tax Guide would be a worthwhile investment? It's cheap enough and may give you something of an overview so that you can decipher the forms more. I'd be interested to see what the tax pros on here think of that.

A good college course can't hurt, especially if you get in at a public college with low fees.

Answer 2

You might check into taking a college course in income taxes to get an in-depth understanding. Or at least buy the textbook for one.

The H&R Block or Jackson Hewitt courses in tax prep are not likely to give you the depth of information you're looking for.

Answer 3

Go take a tax preparation course. Places like H&R Block or Jackson Hewitt ofer them in September or you may try a local JC. Some of the stuff you asked about will be covered and give you a basis to advance your understanding of tax. The IRS web site is very helpful to get quick information on any subject.