Real Estate and Rental Activities

PROGRAM CONTENT

The course provides continuing professional education (CPE) for tax professionals to enhance competence in preparation of tax returns for clients with rental real estate activities. Subjects include the tax treatment for home ownership and rental real estate. Home ownership topics include deductible expenses, basis, the exclusion of gain on sale, and federally-declared disasters. Rental real estate topics include income, expenses, depreciation, at-risk limitations, passive loss limitations, and gain or loss from the sale of rental real estate.

CPE CREDIT HOURS

3 Credit Hours. One 50-minute period equals one CPE Credit Hour.

LEARNING OBJECTIVES

• Main Home
  • 1-A Determine the basis of a main home when purchased.
  • 1-B Calculate adjusted basis of a main home.
  • 1-C Recognize deductible expenses for a main home.
  • 1-D Apply rules for exclusion of gain on sale of a main home.
  • 1-E Determine the tax impact of casualty and theft losses on the main home.
• Rental Activities - Income and Expenses
  • 2-A Calculate rental income.
  • 2-B Recognize deductible rental expenses.
  • 2-C Distinguish when depreciation on rental property begins.
  • 2-D Recognize how to report income and expenses from rental property.
  • 2-E Compute net rental income when there is personal use of the property.
• Rental Activities - Loss Limitations and Dispositions
  • 3-A Recognize at-risk limitations for rental real estate.
  • 3-B Apply passive activity loss limitation rules for rental real estate.
  • 3-C Recognize material participation rules for real estate activities.
  • 3-D Compute the gain or loss from the disposition of a rental activity.
  • 3-E Apply the rules for determining the gain or loss from a home used partly for business or rental.

RECOMMENDED PARTICIPANTS

Tax professionals who prepare individual income tax returns are encouraged to participate in this course.

PROGRAM LEVEL

Overview. This course provides a general overview of the subject area from a broad perspective. It is appropriate for tax professionals at all organization levels.

*All CE hours issued by The Tax Book