This program will provide a detailed analysis of the real estate professional passive activity rules, including forms reporting examples, and integrates those rules with when real estate is considered a "business" under the Section 199A flow-through entity deduction, A detailed analysis of the self-rental passive activity rules will be given, including forms reporting examples and integrates them with the flow-through entity rules related to self-rental.
**Please Note: If you need credit reported to the IRS for this IRS approved program, please download the IRS CE request form on the Course Materials Tab and submit to leighanne.conroy@acpen.com.
DESIGNED FOR
CPAs working in public accounting and members in industry
BENEFITS
- Definition, pros and cons of being a real estate professional
- Integration of the real estate professional rules with reporting on Form 1040, Schedule E
- Real estate professionals and indirectly owned (partnerships, S corporations) entity’s reporting on Form 1040
- How "real estate business" is interpreted under the Section 199A rules and how it integrates with the passive activity rules
- Real estate professionals and the Form 8582 (Passive Activities)
- Definition of self-rental property – both for Sections 199A and 469
- Self-rental property and the Form 8582 (passive activity), the flow-through entity grouping election, and "former passive activities" rules
- A deep-dive look at the Section 199A flow-through entities deduction
- Application to rental real estate – “safe harbor” rule and aggregation rules
- Self-rental rule for 199A compared to self-rental rule for passive activities
- Forms reporting in Form 8995 and Form 8995-A
- Several real-life situations illustrate the various possibilities and discuss the consequences of failing to comply with the reporting standards
HIGHLIGHTS
- Identify the passive activity and flow-through entity rules for real estate professionals and self-rental property and show how these situations should be reported on various tax forms
- To provide an in-depth discussion of the deduction for income from flow-through for real estate professionals and self-rental property
COURSE LEVEL
Intermediate
ADDITIONAL NOTES
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