Introduction to Rental Real Estate

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.

Contributors

Allan (AJ) Reynolds, EA

A.J. has immense experience in various areas of taxation, which encompasses over 30 years. His practice centers on individual, business, and estate tax preparation. In addition, A.J. specializes in IRS audits, appeals, collections and other tax representations. He speaks for multiple organizations and brings his everyday “in the trenches” experience to assist attendees with real issues affecting tax professionals. A.J. started his tax career with a national CPA firm in San Diego, CA after proudly serving five years in the U.S. Navy.