Safe Harbor for Real Estate Rentals (Completed)

Date: Tuesday, December 3, 2019
Instructor: Greg White
Begin Time:  12:00pm Pacific Time
1:00pm Mountain Time
2:00pm Central Time
3:00pm Eastern Time
CPE Credit:  2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC

Breaking Developments: Brand New Safe Harbor for Real Estate Rentals (Rev. Proc. 2019-38) and §199A for Rental Real Estate (including triple net leases) outside the safe harbor. We’ll take a comprehensive, deep dive into which rentals qualify (and which might not qualify) for the 20% §199A QBID.

We’ll have extensive coverage of just released Revenue Procedure 2019-38 including:

  • Can you amend 2018 tax returns to claim the new safe harbor?

  • What types of properties are excluded from the safe harbor?

  • What are the new types of excluded properties.

  • What were the changes from Revenue Procedure 2019-7?

  • How were the record keeping requirements relaxed?

  • What happens if you don’t meet the safe harbor?

Who Should Attend
New and experienced CPA’s who practice in the tax area or who need a better understanding of the tax law for other areas of practice.

Topics Covered

  • Qualification for most rental property outside of the safe harbor
  • Qualification of land leases
  • Qualification of triple net leases
  • How to protect yourself if you're filing returns taking the QBID on land leases or triple net leases
  • Why not all triple net leases are alike

Learning Objectives

  • Identify case law and administrative law support for taking the QBID on triple net leases
  • Recognize and apply the requirements of the IRS's "safe harbor" for rental property
  • Identify how to complete the IRS form that reduces the risk of preparer penalties
  • Identify special risk issues for taxpayers who reside in the Second Circuit (Connecticut, Vermont and New York)


Instructional Method
Group: Internet-based

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
Prior knowledge of Real Estate Taxes.

Advance Preparation

 Chat — Books Support