Tax Planning for Purchases and Sales of Property: Part 1
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 12/31/2026 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 expert, Greg White, CPA, as he covers important tax planning ideas for property purchases and sales. We'll cover key concepts like increasing tax deductions on the purchase of property and decreasing tax on the sale of property.
Publication Date: May 2023
Designed For
New and experienced practitioners.
Topics Covered
- Tax advantages of owning property
- Allocating purchase price among assets
- Bonus depreciation on partnership step-ups
- Wages to redeemed shareholder
- "Synthetic step-ups" for new S corp owners
- Superfast depreciation (and "phantom income")
- Fast depreciation for real property
- De minimis rule, including "look-through" method
- Partial dispositions (if remodel, new siding, decks, etc.)
- Improvements v. repairs
Learning Objectives
- Identify tax rates that can apply to sales of property
- Identify advantages and disadvantages of written allocation agreements
- Identify strategies to increase tax deductions on the purchase of property
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
