- NY Credits : 4.0
- TX Credits : 4.0
- IRS Enrolled Agent Credits : Federal Tax/Tax Related Matters - 4.0
- IRS Non-Credentialed Return Preparer Credits : Federal Tax - 4.0
This program is a comprehensive guide to the tax consequences of acquiring and owning real estate. The topics covered include basis calculations, gain and loss realized, the passive activity and at-risk rules, and other loss limitations. Advantages and disadvantages of different entity types available for real estate investment purposes, such as S corporation, corporation, partnership (general, limited, and limited liability limited), limited liability company, and real estate investment trust are discussed plus utilization of the check-the-box classification system. The rules that govern vacation homes and home offices are also addressed in this program. NOTE: This course has been updated for the relevant 2018 provisions of the Tax Cuts and Jobs Act of 2017 and the Bipartisan Budget Act of 2018, when and if applicable.
Upon successful completion of this course, the user should be able to:
recognize the basic concepts for determining the basis of property,
determine gain or loss recognized,
identify the methods of computing depreciation,
determine when a loss may be deducted,
determine the application of the at-risk rules and the passive activity loss rules,
identify the limitations that apply to business deductions for vacation homes, home offices, and investment interest,
identify the tax considerations, benefits, and drawbacks of the various types of entities available for real estate investment purposes,
recognize the check-the-box classification system, and
recognize the different types of co-ownership, including the tax considerations of each.