Lightning Fast Depreciation: The World of Federal Taxation
Author: Greg White
| CPE Credit: |
2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC |
Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2028 to receive credits. NOTE: Go to My Professional Profile in your CCH CPELink account settings to ensure your name, and PTIN number; matches your PTIN card
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.
Publication Date: April 2025
Designed For
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
- Real estate acquisition allocations
- Best fast write off method
- State nonconformity
- Combining the lightning-fast methods
- Avoiding phanton income
Learning Objectives
- Recognize the mechanics of apportioning purchase price among, land, building, land improvements and personal property
- Identify how to 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
- Identify the IRS form that should be used to elect out of bonus depreciation
- Identify the depreciation period for residential buildings
Level
Overview
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
