- NY Credits : 2.0
- TX Credits : 2.0
- IRS Enrolled Agent Credits : Federal Tax/Tax Related Matters - 2.0
- IRS Non-Credentialed Return Preparer Credits : Federal Tax - 2.0
This course discusses the various types of rental income and expenses for residential rental property, both with personal use of the dwelling and without. Generally, all rental income must be reported on your tax return, but there are differences in the expenses you are allowed to deduct and how rental activity is reported on your return. As a basic level course, it is most beneficial to professionals new to the rules of residential rental property. It may also benefit a more experienced professional with limited exposure to rental income and expense rules.
Upon successful completion of this course, the user should be able to:
identify the best methods for dealing with rental income and expenses;
assess issues related to depreciating rental property; and
determine how to deal with other real estate rental issues, including limits on rental losses, property changed to rental use, and personal use of a dwelling unit.