Sec. 199A Cutting Edge Tax Strategies for Rental Real Estate (Completed)

Date: Tuesday, October 20, 2020
Instructor: Greg White
Begin Time:  9:00am Pacific Time
10:00am Mountain Time
11:00am Central Time
12:00pm Eastern Time
CPE Credit:  2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC

We’ll take a comprehensive, deep dive into which rentals qualify (and which might not qualify) for the 20% §199A QBID. We’ll also cover how to compute the “property” factor that can limit the QBID for higher income taxpayers.

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

  • QBID Overview
  • Passive Owners
  • Do RE Rentals Qualify for QBID?
  • Rev. Rul. 60‐206
  • IRS Seems Unsure
  • Triple Nets
  • Clearing the Fog
  • QBID Cap
  • Property Factor
  • Goldilocks and "Just the Right Amount" of Property
  • All Roads Lead to Rome
  • Make Life Easier
  • Notice 2019‐7: Rental Real Estate "Safe Harbor"
  • Rentals and 1099s
  • Ambiguity
  • Self Rentals → SSTBs
  • Basis, At‐Risk, and Passive Carryovers
  • Wrapping it Up

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
  • Describe 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)
  • Recognize the two requirements Section 162 defines "trade or business expenses"
  • Identify court cases and how they apply to your client scenarios
  • Describe which type of lease is defined in the Notice
  • Recognize which IRS form you can file if the risk of preparer penalties can be reduced
  • Identify which type of service qualifies as rental services for purposes of using the rental real estate safe harbor outlined in Notice 2019-7
  • Describe which section the tax regulations often use the business definition outlined
  • Identify when the depreciation period commences

Level
Basic

Instructional Method
Group: Internet-based

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None

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