2024 Self-Rental Real Estate Passive Activity Rules

Wednesday, November 27, 2024
Webcast or Webinar, Online
11:00AM - 12:53PM (opens at 10:30AM) EST
2Credits
Technical Business

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$79.00 Regular Price
Non-Members
$109.00 Regular Price

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Course Type: Webcast
Course Code: 24/AC143160
Level: Intermediate
Vendor: ACPEN
Field of Study: Taxes

Overview:

Loans, rental agreements, business combinations – what do these all have in common? They all have the potential of creating a related party transaction.  This program presents a detailed analysis of the financial accounting rules for transactions with related parties, as well as compares and contrasts those rules with the AICPA financial reporting framework for small and medium-sized entities.

**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 [email protected].

Objectives:

  • Identify the passive activity and flow-through entity rules for "self-rental property" and show how these situations should be reported on various tax forms

Major Topics:

  • Definition of self-rental property – both for Sections 199A and 469
  • Self-rental income from directly owned properties and reporting on Form 1040, Schedule E, page 1
  • Self-rental income from indirectly owned (partnerships, S corporations) and reporting on Form 1040, Schedule E, page 2
  • Self-rental property and the Form 8582 (passive activity)Self-rental property and the flow-through entity grouping election
  • Several real-life situations illustrate the various possibilities and discuss the consequences of failing to comply with the reporting standards
  • Self-rental property and "former passive activities" rules

Major Topics:

  • Definition of self-rental property – both for Sections 199A and 469
  • Self-rental income from directly owned properties and reporting on Form 1040, Schedule E, page 1
  • Self-rental income from indirectly owned (partnerships, S corporations) and reporting on Form 1040, Schedule E, page 2
  • Self-rental property and the Form 8582 (passive activity)Self-rental property and the flow-through entity grouping election
  • Several real-life situations illustrate the various possibilities and discuss the consequences of failing to comply with the reporting standards
  • Self-rental property and "former passive activities" rules

Designed For:

CPAs working in public accounting firms and members in industry

Prerequisites:

Basic working knowledge of business taxation and passive activity rules