- NY Credits : 2.0
- TX Credits : 2.0
- IRS Enrolled Agent Credits : Federal Tax/Tax Related Matters - 2.0
Most practitioners have clients that own or operate real estate, from a single rental house to several rental houses, an office building, or a shopping center. Inevitably, practitioners will encounter clients that acquire or inherit real property, and they will be faced with the tax problems that occur when real property is operated and ultimately disposed of in one form or another. This course discussed how gain or loss on the disposition of real estate is reported for income tax purposes (i.e., ordinary income versus investor status); the computation of gain or loss; installment sales; abandonment, foreclosure, involuntary conversion, and casualty losses; and like-kind exchanges.
This intermediate level course is most appropriate for the professional with detailed knowledge in real estate taxation who may be at a mid-level position within an organization with operational or supervisory responsibilities, or both. The final exam for this course includes hands-on, scenario based questions that may require extensive calculations.
Upon successful completion of this course, the user should be able to:
determine how gain or loss on the disposition of real estate is reported for income tax purposes, including coverage on income characterization, installment sales, abandonment, foreclosure, involuntary conversion, and like-kind exchanges.