Rental Properties with Emphasis on Short-Term
Author: A.J. Reynolds
| CPE Credit: |
2 hours for CPAs
2 hours Federal Tax Related for OTRPs
2 hours Federal Tax Law for CTEC |
Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2027 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
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 course 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 course to assist you in handling unique situations of rental properties.
Publication Date: April 2024
Designed For
Tax professionals who have clients with rental properties.
Topics Covered
- Related Terms & Definitions
- Knowledge of 14 day or 10% Rule
- Basics of Rental Rules
- Vacation Home Rules
- Renting to Relatives
- Counting Days and Ordering Rules
- Depreciation
- Personal Home Converted to Rental
- Sale of Personal Residence
- Schedule E or C
- Short-term Rentals
- CCA 202151005
- Substantial Services
- Hotels, Motels, and Inns
- Bed and Breakfasts
- Court Cases
Learning Objectives
- Recognize how to properly handle unique situations relating to Rental Properties
- Recognize how to distinguish between Schedule E & Schedule C reporting for rental property
- Identify short-term Rentals
- Identify what portion of rental income is taxable if a taxpayer rents their house for less than 14 days in a year
- Identify on which schedule short-term rentals where you provide no substantial significant services are reported on
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
