DESIGNED FOR
CPAs in public practice and members in industry.
BENEFITS
After attending this presentation you will be able to...
- Provide a working knowledge of the passive activity and flow-through entity rules for real estate professionals
- Demonstrate how these situations should be reported on various tax forms
HIGHLIGHTS
The major topics covered in this class include:
- Definition of a real estate professional, including pros and cons
- Integration of the real estate professional rules with reporting on Form 1040, Schedule E
- Real estate professionals and indirectly owned (partnerships, S corporations) entity's reporting on Form 1040
- How a "real estate business" is interpreted under the Section 199A rules and how it integrates with the passive activity rules
- Real estate professionals and the Form 8582 (passive activities)
- How to make the "grouping" election for passive activities and the Section 199A deduction
- Several real-life situations illustrating the various possibilities and the consequences of failing to comply with the real estate professional standards
- Real estate professionals and the "former passive activities" rules
COURSE LEVEL
Intermediate
PREREQUISITES
Basic working knowledge of real estate taxation.
ADVANCE PREPARATION
None