Objective
- Effectively compute rental income and expenses
- Decode the implications of renting out vacation homes
- Navigate different tax forms including Schedule E and Schedule A
- Unravel the complexities of passive activity loss rules and their foundational reasoning
- Differentiate between active and material participation
- Understand the nuances in grouping passive activities for tax purposes
- Navigate the primary limitations on deductibility of passive losses
- Dive into the influence of at-risk rules on deductions and taxable income
- Recognize when and how real estate activities are classified as active businesses
- Identify scenarios for applying individual investor exceptions in passive activity loss rules
- Analyze Section 199A QBI deduction and safe harbor rules for real estate professionals
Highlights
- Rental income and expense calculation and reporting
- Deciphering Schedule E (Form 1040)
- Nuances of vacation home rules
- Passive activity loss rules: foundations and implications
- Active vs. material participation in rental activities
- Tax reporting: how to group passive activities
- Limitations on passive losses: at-risk rules and deductions
- Classifying rental real estate activities
- Navigating exceptions in rental real estate taxation
Designed For
Accounting and finance professionals seeking a comprehensive understanding of the intersections between rental real estate and federal income taxationPrerequisite
NoneAdvanced Preparation
None