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Annual Considerations when Reporting Rental Property
IRS Program #: X9QQU-T-00972-23-O
CTEC #: 6257-CE-0150
Speaker: Allan (AJ) Reynolds, EA
Reporting rentals is not necessarily a static reporting environment replicating year over year. This session will identify numerous Code sections wherein the taxpayer’s facts morph the tax treatment changes. Changes include the level of personal use, length of the average rental period, level of services provided, real estate professional status, and disposition. The tax professional’s due diligence in these areas is critical to a proper tax determination.
- Identify the criteria for meeting real estate professional status and why it matters.
- Determine the average customer use for the year.
- Identify deemed personal use days and determine the implications.
- Determine if substantial personal services are provided.
- Determine if material participation is applicable.
- Identify disposition issues including recapture and like-kind-exchanges.