Rental Properties with Emphasis on Short-term (Completed)

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In addition to having rental properties or renting vacation homes, more and more taxpayers are renting their homes through VRBO, Airbnb and other online platforms. In this session you'll learn which form to properly report rentals on, either Schedule E (Form 1040), Supplemental Income and Loss, Page 1, or Schedule C (Form 1040), Profit or Loss from Business. Furthermore, you'll learn proper depreciation methods, converting Personal Residence to a rental and renting to related parties. Finally, we will explore Short-term rentals and related tax consequences. Join us for this must attend session to assist you in handling unique situations of rental properties.

Who Should Attend
Tax professionals who have clients with rental properties.

Topics Covered

• Related Terms & Definitions
• Knowledge of 14 day or 10% Rule
• Which Schedule does your Rental go on
• Related Party issues
• IRC § 280A
• IRS and Case Law Guidance

Learning Objectives

• Properly handle unique situations relating to Rental Properties
• Distinguish between Schedule E & Schedule C reporting for rental property
• Define Short-term Rentals

Level
Basic

Instructional Method
Group: Internet-based

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None