2024 June Solutions Room: Rentals

Description

2024 June Solutions Room: Rentals
IRS Program #: X9QQU-T-01134-24-O
CTEC #: 6257-CE-0295
CE: 1 IRS & 1 CTEC credit
Speaker: Jane Ryder, EA, CPA

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 the 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.

Contributors

Jane Ryder, EA, CPA

Jane Ryder, EA, CPA, has been providing tax preparation, accounting services, and tax collection resolution services since 1980. She runs her San Diego CPA firm, Brass Tax Ryder Professional Group, Inc., and writes and speaks on many income taxes, business compliance, and accounting topics. She received a BS in Business Administration (Accounting) from SDSU and is currently licensed with the California State Board of Accountancy and with the Internal Revenue Service as an enrolled agent.

Jane has a business-centric practice, preparing and consulting on tax, accounting, and compliance matters for Corporations, S-corporations, LLC's, Partnerships, and Trusts. She also specializes in IRS and state agencies collection problems, payment plans, audit representation, audit appeals, offers in compromise, and other compliance related issues.