Dallas Lifestyle

August 2010

Men’s Retreats Biltmore Hillside Villas 3008 Sq. Ft.| 3 Bed | 3 Bath $889,000 Come experience this exceptionally beautiful three-bedroom home with a separate Casita within one of the best locations in the Valley.

The single-story property features a gorgeous and inviting open floor plan. Travertine and granite throughout the home. Great backyard with heated pebble-tech pool and spa, built-in gas BBQ and fire pit.

Enjoy the spacious three-car garage, and cul de sac lot backing to Phoenix Mountain Preserve. Fantastic views of Piestawa Peak and downtown Phoenix round out this special home. Call David Reimold at 602.571.0680 or Phil Tibi at 602.692.0780 to schedule a private showing or to obtain more info.

Spaces Created Just for Him

Real Estate Investor?

Critical Tax Deductions Can Save You Money

Deliciously Decadent

The Capital Grille’s Chocolate Espresso Cake Dallas’

All information is deemed reliable but not guaranteed.

Statistics represent single-family and patio homes. Information gathered from ARMLS. If your home is currently listed, this is not a solicitation for that listing.

Produced by Desert Lifestyle Publishing • 480.460.0996 • www.DesertLifestyle.net

Real Estate Report

Featuring The Capital Grille 214.303.0500 | thecapitalgrille.com FLOURLESS CHOCOLATE ESPRESSO CAKE INGREDIENTS: 1 lb. semisweet chocolate (coarsely chopped) 1 lb. unsalted butter (diced) 1 cup freshly brewed espresso 1 cup golden brown sugar 8 eggs (beaten to blend) PROCEDURE: 1. Preheat oven to 350 degrees. Line bottom of a 9-inch diameter cake pan with 2-inch high sides with parchment paper. Place all chocolate in large bowl.

2. Bring butter, espresso and sugar to a boil in medium saucepan, stirring to dissolve sugar.

3. Add chocolate; whisk until smooth and cool slightly.

4. Whip eggs till blended. Stir eggs into chocolate mixture until blended. (Do not whip.)

5. Pour batter into prepared pans. Place cake pan in roasting pan. Pour enough hot water into roasting pan to come halfway up sides of cake pan.

6. Bake until center of cake is set and tester inserted into center comes out with a few moist crumbs attached, about 45 minutes.

7. Remove pans from water and chill cake overnight.

8. Cut around pan sides to loosen cake. Using oven mitts as aid, hold pan bottom over low heat for 15 seconds, warming slightly to release cake. Place platter over pan.

Hold pan and platter together tightly and invert. Lift off cake pan; peel off parchment paper and dust top of cake with cocoa powder.

9. Cut cake into ten slices.

10. Optional: garnish with fresh raspberries and raspberry sauce.

Have you noticed the resurgence in popularity of rooms dedicated just for the guys? Affectionately monikered as “man caves,” more and more homeowners are planning and designing a room, or suite of rooms, specifically for the man of the house.

While family game rooms or media rooms have been in use for decades, the trend has been shifting away from a universal play area for the whole family, into a retreat created specifically with the man’s interests, hobbies and

accomplishments in mind… a room that’s all about him.

And it’s about time. Often, the man in the house may be willing to “give up rights” in the rest of the home as long as he can have this one special space all to himself. And the woman of the house seems to count it as a fair trade-off – “One room for you, 20 for me!”

The whole concept of a men’s retreat is to create a getaway where he can escape to pursue his favorite interests, entertain his friends and know that he is

One of the most important aspects of real estate investing is taking advantage of all of the tax benefits that are available to investors. These write-offs can make or break your success.

In today’s market, there are thousands of real estate owners that hadn’t intended on becoming an investor. As many sellers have wearied of attempting to sell their home, they’ve resigned to renting it instead. It’s this group of people that might be losing money if they aren’t aware of the tax deductions they should be taking.

“Basically, I tell clients to run their real estate property as though it’s a business,” says Scott R. Bell, CPA. “We see a lot of clients just trying to sell their place but it often ends up becoming a rental.

Once you step out of a property and it becomes a rental, anything that comes out of your pocket, whether it’s HOA fees or a fresh coat of paint, can be a deduction.”

To begin, keep a record of all expenses you incur from the property. These will include repairs, maintenance, cleaning, landscaping, pool services, pest control, supplies, association fees, trash removal fees and utilities. Other deductions include the mortgage interest, insurance premiums, local property taxes, management fees, advertising, professional fees, rental of equipment, and any rents you have paid to others.

Travel expenses to and from your property, which may include

the master of his domain. From top-of-the-line offices and libraries for executives, to over-the-top game rooms, men are seeking out a space they can call their own.

A man’s interests should be the inspiration for this special space. Wine cellars, cigar rooms, video game rooms, sports lounges, shooting ranges….you name it, it’s a possibility.

Much of today’s society revolves around playing and having fun.

Sports-themed game rooms are often requested. Imagine a room full of collectible sports paraphernalia with multiple plasma TVs, billiards, poker, darts, even foosball and vintage arcade games. Most men still have a little boy not so far below the surface – and boys love to play. For some, the more toys the better!

And the type of toys that make most men weak in the knees? Technological gadgets. Men’s retreats are the perfect place to integrate the coolest and latest technological innovations. The largest and latest in TVs, an awesome surround-sound system, iPod stations, integrated A/V and home automation systems…these are all standard in many dream rooms.

Ever been in a nightclub that was just so cool? From the ingenious lighting, to the sleek suede furnishings, to the music pounding through killer speakers; that’s often the inspiration for many men. You

two out-of-state trips per year are also deductions. However, if you mix business with pleasure you must be prepared to prove with documentation what percentage of the trip was spent maintaining the rental and what percentage was personal, taking only the deductions for the business side.

Casualty damage to your property, if properly documented, is another deduction. These may include acts of nature, theft, vandalism or unfortunate circumstances that cause any damage to the real estate.

Tax preparation costs for the Schedule E form (for rental properties) are also a deduction.

Property owners can also take advantage of depreciation deductions by either writing off all of the value over 27.5 years, or by examining the assets within the property that are short-life expenses and deduct those on a yearly basis. For example, if you installed a new heating system with a depreciation schedule of ten years you could deduct one-tenth of the cost of the system per year for the next decade. Keep in mind though that according to the IRS, there’s a big difference between improvements and repairs. The cost of improvements to the property must be depreciated over their useful lives (which are defined by the IRS), rather than deducted in the year paid. The cost of repairs can be written off in the year you pay them.

These tax deductions are all meant to help offset any rental income that a property owner might receive. Although in some cases, homeowners are renting their property with a negative monthly cash-flow. That loss is, of course, a write-off as well.

can integrate design elements and features that mimic a favorite place.

For many men, their dream space doesn’t incorporate loud music and multiple TVs. A quiet place for privacy and creative thinking is the perfect retreat for some. While some men would prefer a trophy cabinet to display their sports accomplishments, others may revel in a room that displays special artwork, favorite moments in history or their business awards and accolades.

Perhaps a private entrance, a private bath and a well-stocked refreshment station can round it all out.

The number-one priority in creating a man’s private space is remembering that the room should capture the essence of him and his personality.

These rooms are a form of selfexpression telling the world who they are, what they love and what they’ve accomplished.

No matter what the man’s interests may be, it’s important that the room provides plenty of comfort and convenience. Men like to be able to put their feet up, know that no one will be fussing about the cleanliness (or lack thereof) of their room and know that they can escape to their favorite place at a moment’s notice. Let’s hear it for the boys!

AUGUST 2010 Uncorked Dinner Bob’s Steak & Chop House, August 5th 214.528.9446 | dallasuncorked.org Enjoy an evening of exquisite cuisine and cocktails all for a great cause. Pairing up with Bob’s Steak & Chop House and Macallan Scotch, this fabulous event includes a cocktail reception, three-course meal and auction. Proceeds raised will go directly to the June Jones Foundation, an organization dedicated to supporting needy families with children who have life-threatening illnesses.

Dallas Cowboys vs. Oakland Raiders Cowboys Stadium, August 12th 817.892.4161 | stadium.dallascowboys.com Get a sneak peak at the Cowboys during their pre-season games. Check out the newcomers and the veterans including quarterback Tony Romo and see if they have what it takes to make it all the way to the Super Bowl! Cowboys Stadium, the largest dome stadium in the world and one of the most expensive sports facilities ever built, is a sight to see in itself.

Run, Walk, Roll Reverchon Park, August 14th 214.247.4569 | ucprunwalkroll.org This inspiring event includes not only a 5K run but a family-friendly 1K walk and roll. Added to the event this year is a Post Walk Party including face painting, balloon artists and lots of music to dance to. Proceeds benefit the UCP of North Texas, an organization helping children to live the fullest life with cerebral palsy.

Kenny G with the Dallas Symphony Orchestra Morton H. Meyerson Symphony Center, August 25th 214.871.4550 | dallassymphony.com Kenny G brings his smooth saxophone sounds back to the Meyerson for an unforgettable performance alongside the Dallas Symphony Orchestra. Kenny G’s latest album, Rhythm & Romance, features contemporary love songs with a Latin twist.

The ideal scenario for investors, Bell says, is to break even with homeowners taking some tax benefit. “Ninety-nine percent of all property owners put money into their rentals but at least they are getting some tax advantage,” he explains. It’s when the rental is not being rented for whatever reason that things can become complicated. “However, if the property is not rented you can still write off the interest and property taxes so you don’t totally lose out,” Bell explains.

Several websites, including turbotax.com cover common rental property deductions. If you’ve found yourself an owner of rental property, be sure to consult a CPA immediately to insure that you’re taking advantage of every tax deduction that you can. Your tax advisor can best aid you and your personal situation.

Simply Summer, Simply Shoes 7 Senses, August 28th 214.742.2333 | tcmanor.org This “shoe-tacular” event features an auction of fabulous designer shoes from such names as Gucci to Valentino. Among all the shoe lovelies, there will be fabulous bites, signature cocktails and a scotch bar. Proceeds benefit the Turtle Creek Recovery Center, helping those battling substance addictions with employment and permanent housing.

Bodies: The Exhibition West End Marketplace, through August 31st 888.312.3931 | bodiestheexhibition.com/dallas Indulge your fascination with how the human body works and functions with your opportunity to explore our bodies inside and out – literally. This amazing exhibit features more than 250 human specimens preserved for you to view.

Featuring The Capital Grille 214.303.0500 | thecapitalgrille.com FLOURLESS CHOCOLATE ESPRESSO CAKE INGREDIENTS: 1 lb. semisweet chocolate (coarsely chopped) 1 lb. unsalted butter (diced) 1 cup freshly brewed espresso 1 cup golden brown sugar 8 eggs (beaten to blend) PROCEDURE: 1. Preheat oven to 350 degrees. Line bottom of a 9-inch diameter cake pan with 2-inch high sides with parchment paper. Place all chocolate in large bowl.

2. Bring butter, espresso and sugar to a boil in medium saucepan, stirring to dissolve sugar.

3. Add chocolate; whisk until smooth and cool slightly.

4. Whip eggs till blended. Stir eggs into chocolate mixture until blended. (Do not whip.)

5. Pour batter into prepared pans. Place cake pan in roasting pan. Pour enough hot water into roasting pan to come halfway up sides of cake pan.

6. Bake until center of cake is set and tester inserted into center comes out with a few moist crumbs attached, about 45 minutes.

7. Remove pans from water and chill cake overnight.

8. Cut around pan sides to loosen cake. Using oven mitts as aid, hold pan bottom over low heat for 15 seconds, warming slightly to release cake. Place platter over pan.

Hold pan and platter together tightly and invert. Lift off cake pan; peel off parchment paper and dust top of cake with cocoa powder.

9. Cut cake into ten slices.

10. Optional: garnish with fresh raspberries and raspberry sauce.

Have you noticed the resurgence in popularity of rooms dedicated just for the guys? Affectionately monikered as “man caves,” more and more homeowners are planning and designing a room, or suite of rooms, specifically for the man of the house.

While family game rooms or media rooms have been in use for decades, the trend has been shifting away from a universal play area for the whole family, into a retreat created specifically with the man’s interests, hobbies and

accomplishments in mind… a room that’s all about him.

And it’s about time. Often, the man in the house may be willing to “give up rights” in the rest of the home as long as he can have this one special space all to himself. And the woman of the house seems to count it as a fair trade-off – “One room for you, 20 for me!”

The whole concept of a men’s retreat is to create a getaway where he can escape to pursue his favorite interests, entertain his friends and know that he is

One of the most important aspects of real estate investing is taking advantage of all of the tax benefits that are available to investors. These write-offs can make or break your success.

In today’s market, there are thousands of real estate owners that hadn’t intended on becoming an investor. As many sellers have wearied of attempting to sell their home, they’ve resigned to renting it instead. It’s this group of people that might be losing money if they aren’t aware of the tax deductions they should be taking.

“Basically, I tell clients to run their real estate property as though it’s a business,” says Scott R. Bell, CPA. “We see a lot of clients just trying to sell their place but it often ends up becoming a rental.

Once you step out of a property and it becomes a rental, anything that comes out of your pocket, whether it’s HOA fees or a fresh coat of paint, can be a deduction.”

To begin, keep a record of all expenses you incur from the property. These will include repairs, maintenance, cleaning, landscaping, pool services, pest control, supplies, association fees, trash removal fees and utilities. Other deductions include the mortgage interest, insurance premiums, local property taxes, management fees, advertising, professional fees, rental of equipment, and any rents you have paid to others.

Travel expenses to and from your property, which may include

the master of his domain. From top-of-the-line offices and libraries for executives, to over-the-top game rooms, men are seeking out a space they can call their own.

A man’s interests should be the inspiration for this special space. Wine cellars, cigar rooms, video game rooms, sports lounges, shooting ranges….you name it, it’s a possibility.

Much of today’s society revolves around playing and having fun.

Sports-themed game rooms are often requested. Imagine a room full of collectible sports paraphernalia with multiple plasma TVs, billiards, poker, darts, even foosball and vintage arcade games. Most men still have a little boy not so far below the surface – and boys love to play. For some, the more toys the better!

And the type of toys that make most men weak in the knees? Technological gadgets. Men’s retreats are the perfect place to integrate the coolest and latest technological innovations. The largest and latest in TVs, an awesome surround-sound system, iPod stations, integrated A/V and home automation systems…these are all standard in many dream rooms.

Ever been in a nightclub that was just so cool? From the ingenious lighting, to the sleek suede furnishings, to the music pounding through killer speakers; that’s often the inspiration for many men. You

two out-of-state trips per year are also deductions. However, if you mix business with pleasure you must be prepared to prove with documentation what percentage of the trip was spent maintaining the rental and what percentage was personal, taking only the deductions for the business side.

Casualty damage to your property, if properly documented, is another deduction. These may include acts of nature, theft, vandalism or unfortunate circumstances that cause any damage to the real estate.

Tax preparation costs for the Schedule E form (for rental properties) are also a deduction.

Property owners can also take advantage of depreciation deductions by either writing off all of the value over 27.5 years, or by examining the assets within the property that are short-life expenses and deduct those on a yearly basis. For example, if you installed a new heating system with a depreciation schedule of ten years you could deduct one-tenth of the cost of the system per year for the next decade. Keep in mind though that according to the IRS, there’s a big difference between improvements and repairs. The cost of improvements to the property must be depreciated over their useful lives (which are defined by the IRS), rather than deducted in the year paid. The cost of repairs can be written off in the year you pay them.

These tax deductions are all meant to help offset any rental income that a property owner might receive. Although in some cases, homeowners are renting their property with a negative monthly cash-flow. That loss is, of course, a write-off as well.

can integrate design elements and features that mimic a favorite place.

For many men, their dream space doesn’t incorporate loud music and multiple TVs. A quiet place for privacy and creative thinking is the perfect retreat for some. While some men would prefer a trophy cabinet to display their sports accomplishments, others may revel in a room that displays special artwork, favorite moments in history or their business awards and accolades.

Perhaps a private entrance, a private bath and a well-stocked refreshment station can round it all out.

The number-one priority in creating a man’s private space is remembering that the room should capture the essence of him and his personality.

These rooms are a form of selfexpression telling the world who they are, what they love and what they’ve accomplished.

No matter what the man’s interests may be, it’s important that the room provides plenty of comfort and convenience. Men like to be able to put their feet up, know that no one will be fussing about the cleanliness (or lack thereof) of their room and know that they can escape to their favorite place at a moment’s notice. Let’s hear it for the boys!

AUGUST 2010 Uncorked Dinner Bob’s Steak & Chop House, August 5th 214.528.9446 | dallasuncorked.org Enjoy an evening of exquisite cuisine and cocktails all for a great cause. Pairing up with Bob’s Steak & Chop House and Macallan Scotch, this fabulous event includes a cocktail reception, three-course meal and auction. Proceeds raised will go directly to the June Jones Foundation, an organization dedicated to supporting needy families with children who have life-threatening illnesses.

Dallas Cowboys vs. Oakland Raiders Cowboys Stadium, August 12th 817.892.4161 | stadium.dallascowboys.com Get a sneak peak at the Cowboys during their pre-season games. Check out the newcomers and the veterans including quarterback Tony Romo and see if they have what it takes to make it all the way to the Super Bowl! Cowboys Stadium, the largest dome stadium in the world and one of the most expensive sports facilities ever built, is a sight to see in itself.

Run, Walk, Roll Reverchon Park, August 14th 214.247.4569 | ucprunwalkroll.org This inspiring event includes not only a 5K run but a family-friendly 1K walk and roll. Added to the event this year is a Post Walk Party including face painting, balloon artists and lots of music to dance to. Proceeds benefit the UCP of North Texas, an organization helping children to live the fullest life with cerebral palsy.

Kenny G with the Dallas Symphony Orchestra Morton H. Meyerson Symphony Center, August 25th 214.871.4550 | dallassymphony.com Kenny G brings his smooth saxophone sounds back to the Meyerson for an unforgettable performance alongside the Dallas Symphony Orchestra. Kenny G’s latest album, Rhythm & Romance, features contemporary love songs with a Latin twist.

The ideal scenario for investors, Bell says, is to break even with homeowners taking some tax benefit. “Ninety-nine percent of all property owners put money into their rentals but at least they are getting some tax advantage,” he explains. It’s when the rental is not being rented for whatever reason that things can become complicated. “However, if the property is not rented you can still write off the interest and property taxes so you don’t totally lose out,” Bell explains.

Several websites, including turbotax.com cover common rental property deductions. If you’ve found yourself an owner of rental property, be sure to consult a CPA immediately to insure that you’re taking advantage of every tax deduction that you can. Your tax advisor can best aid you and your personal situation.

Simply Summer, Simply Shoes 7 Senses, August 28th 214.742.2333 | tcmanor.org This “shoe-tacular” event features an auction of fabulous designer shoes from such names as Gucci to Valentino. Among all the shoe lovelies, there will be fabulous bites, signature cocktails and a scotch bar. Proceeds benefit the Turtle Creek Recovery Center, helping those battling substance addictions with employment and permanent housing.

Bodies: The Exhibition West End Marketplace, through August 31st 888.312.3931 | bodiestheexhibition.com/dallas Indulge your fascination with how the human body works and functions with your opportunity to explore our bodies inside and out – literally. This amazing exhibit features more than 250 human specimens preserved for you to view.