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Rental Real Estate's Influence on Tangent Code Sections
IRS Program #: X9QQU-T-00973-23-O
CTEC #: 6257-CE-0151
Speaker: Jane Ryder, EA, CPA
The treatment and character of one’s rental real estate have flow-over effect on other Code sections impacting tax liability. You have to consider whether the rentals qualify for Qualified Business Income Deduction, subject to Net Investment Income Tax, or subject to Self-Employment tax. This session will also address the impact of certain transactions including Like-kind Exchanges (forward and reverse exchanges), transfers incident to divorce or death, and transfers by gift. The session will focus on giving the practitioner the requisite tools to address these complex situations.
- Determine whether the rental activity is included in QBI.
- Determine if the rental activity is includable in NII.
- Understand why in most situations the activity is not subject to SE Tax.
- Understand the core requirements and computations surrounding a forward or reverse like-kind exchange under IRC 1031.
- Identify requisite adjustments when a property is transferred in a divorce, gift, or due to death including the impact on depreciable basis and carryovers in both community property and non-community property states.