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Description
Introduction to Rental Real Estate
IRS Program #: X9QQU-T-00969-23-O
CTEC #: 6257-CE-0147
Speaker: Allan (AJ) Reynolds, EA
Rental real estate is common with all levels of taxpayers from individuals renting a single-family home to commercial ventures operating inside a partnership. While there is a common thread of real property, the tax considerations vary as greatly as the type of property. This session will address fundamental reporting issues including whether to report on Schedule E or Schedule C, deemed personal use limiting deductions under IRC 280A and the importance of determining if the activity is a rental by definition for passive loss purposes. This session will provide you with a clear thought process on how to approach the reporting of the rental.
Learning Objectives:
- Identify key characteristics of various types of rentals and the tax implications.
- Identifydeemed personal use and properly allocate between business and personal use, and limit rental expenses when applicable.
- Determine the proper forms required for reporting the rental activity.
- Identify which passive loss rules apply.