Lightning Fast Depreciation: The World of Federal Taxation (Completed)

Join Greg White, CPA, as he walks through strategies for purchasing real estate, including written allocation provisions. He’ll also discuss how to easily and inexpensively break out the purchase price apportioned to improvements into its components: Building, land improvements and personal property. He’ll take a deep dive into claiming bonus depreciation, section 179 and de minimis deductions on real estate. Additionally, he’ll review how to deduct remodeling costs of rental properties and owner-occupied business real estate. You’ll get practical sample documents, including cost segregation information and de minimis policies.

Who Should Attend
This course would be appropriate for CPAs, EAs, staff accountants, managers, and anyone who is interested in obtaining an understanding of recovering the cost of property.

Topics Covered

• Apportionment of purchase price to land, building, personal property and land improvement
• Bonus depreciation, section 179 and de minimis expensing for real estate
• Which lightning-fast method of depreciation is best suited for your client’s situation.

Learning Objectives

• Recognize the mechanics of apportioning purchase price among, land, building, land improvements and personal property.
• Prepare a written allocation of purchase price of real property among its components.
• Identify property that qualifies for bonus depreciation, section 179 expensing.
• Identify property that qualifies for bonus depreciation, section de minimis expensing.
• Identify the appropriate method of depreciation in particular client situations.

Level
Overview

Instructional Method
Group: Internet-based

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None