Course curriculum

    1. 9010 Residential Rental Property Introduction

    1. 9030 Residential Rental Property - Rental Income and Expenses (If No Personal Us

    2. 9032 Residential Rental Property - Rental Income and Expenses (If No Personal Us

    3. 9034 Residential Rental Property - Rental Income and Expenses (If No Personal Us

    4. 9042 Residential Rental Property - Rental Income and Expenses (If No Personal Us

    1. 9060 Depreciation of Rental Property Part 1

    2. 9062 Depreciation of Rental Property Part 2

    3. 9115 Depreciation of Rental Property Example

    1. 9150 Reporting Rental Income, Expenses, and Losses - Overview

    2. 9152 Reporting Rental Income, Expenses, and Losses – Limits on Rental Losses

    3. 9153 Reporting Rental Income, Expenses, and Losses - Casualties & Thefts

    4. 9155 Reporting Rental Income, Expenses, and Losses Example

    1. 9200 Rental Property - Special Situations - Condominiums, Cooperatives, & Peroperty Changed to Rental Use

    2. 9204 Rental Property - Special Situations REnting Part of Property, Not Rented for Profit, & Example of Change to Rental Use

    1. 9300 Renatl Property - Persoanl Use - Dividing Expenses

    2. 9302 Rental Property - Personal Use - Dwelling Unit Used as a Home & Reporting Income & Deductions

    3. 9310 Personal Use of Dwelling Unit (Including Vacation Home) Example

About this course

  • $100.00
  • 17 lessons
  • 10 hours of video content

Description

This course is designed to provide an in-depth understanding of the income tax implications associated with owning and managing residential rental property. Based on the guidelines and information from Publication 527 Residential Rental Property 2023, this course is ideal for property owners, real estate investors, tax professionals, and anyone interested in the tax aspects of rental properties. Participants will learn how to accurately report rental income, claim allowable deductions, and comply with tax regulations to optimize their tax outcomes.

Topics Covered

The course begins with an introduction to residential rental property, defining what qualifies as residential rental property and explaining the tax obligations of rental property owners. Participants will learn how to distinguish between different types of rental income, including rent payments, advance rent, security deposits, and property or services received instead of money.

The course then covers the essentials of rental income reporting. Participants will gain a comprehensive understanding of how to report rental income on their tax returns, including the use of Schedule E (Form 1040), Supplemental Income and Loss. Detailed examples and exercises will help participants accurately record and report their rental income.

Deductions are a crucial aspect of managing the tax liability associated with rental property. This course will provide an in-depth look at the various deductions available to rental property owners. Participants will learn about deductible expenses such as mortgage interest, property taxes, operating expenses, depreciation, repairs, and maintenance. The course will also explain the distinction between repairs (which can be deducted immediately) and improvements (which must be depreciated over time).

A significant portion of the course will be dedicated to understanding depreciation, a critical deduction for rental property owners. Participants will learn how to calculate depreciation using the Modified Accelerated Cost Recovery System (MACRS), determine the depreciable basis of property, and apply the correct depreciation method and recovery period.

The course will also address passive activity and at-risk rules, explaining how these rules affect the deductibility of rental losses. Participants will gain insight into the limitations on deducting rental losses and the criteria for classifying rental activities as passive or non-passive.

Additional topics include special situations such as rental property use for personal purposes, rental property held for sale, and converting property from personal use to rental use or vice versa. The course will cover the tax implications of these situations and provide guidance on how to handle them on tax returns.

By the end of this course, participants will have a thorough understanding of the tax responsibilities and opportunities associated with residential rental property. They will be equipped with the knowledge and skills to accurately report rental income, claim appropriate deductions, comply with tax regulations, and optimize their tax outcomes.

This comprehensive course helps property owners and tax professionals confidently manage the tax aspects of residential rental properties, maximizing benefits while remaining compliant with the IRS guidelines.