Virtual
Passive Activities & Rental Real Estate Income Tax Issues 2024
Date: Dec. 16, 2024
Time: 8 a.m. – 3:30 p.m. PT
Overview
This comprehensive training is designed to get the accountant up to speed quickly with the complex passive activity loss (PAL) rules that apply to certain investments in trades or businesses and rental activities. The cornerstone of the course is the in-depth coverage of the detailed tax law and regulations applicable to passive activities under IRC §469 and how and when the 3.8% net investment income tax under §1411 applies. Each attendee will receive the most comprehensive passive activity reference manual with numerous practice aids and real-world examples.
Product Code
1000002839-125393
Credit Type
CPE: 8CPE-Technical: 8Accessibility
Closed Captioning Available
Intended Audience
Tax professionals (i.e., CPAs, accountants, and other financial professionals) that need an in-depth training course on the passive activity loss rules and how they apply to certain investments in trades or businesses and rental activities.
NASBA Field of Study
Taxes
Level of Difficulty
Intermediate
Prerequisites
Background in individual income tax law.
Advance Preparation
None.
Learning Objectives
Major Subjects
- Detailed coverage of the passive activity rules under IRC §469 (and related regulations), how the 3.8% net investment income tax under §1411 and qualified business income (QBI) deduction under §199A applies to rentals and passive activities, and what is a trade or business rental is under §162
- How the PAL rules apply to rental real estate activities and investments in S corporations and partnerships
- Definition of activity and the activity grouping and disclosure rules
- Real estate professional exception to the PAL rules for investments in non-passive rentals
- Special $25,000 loss allowance for rental real estate with active participation
- Material participation safe harbor rules
- Events that trigger suspended PALs
- Limitations on tax credits generated by passive activities
- Special rules that re-characterize passive income to non-passive income
- What rentals are subject to self-employment tax under §1402
Faculty
Additional Details
This is a pre-recorded broadcast. The Instructor will be available to answer questions via the chat feature.