Navigating IRC §280A(g) on Rental Property in 2024-25 2 Credits
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Owning multiple properties comes with both opportunities and complexities, particularly regarding taxes. For taxpayers who rent out a non-primary residence, whether as a full-time, part-time, or casual rental, understanding how to properly allocate income and expenses is crucial. Navigating these tax rules can become significantly complicated when personal and rental usage overlap.
This CE Course provides an essential deep dive into how the IRS views such scenarios, ensuring taxpayers and professionals stay compliant and maximize deductions. A vital aspect of this discussion will focus on IRC §280A, the tax code section that governs the use of dwelling units for rental purposes. We'll examine how taxpayers must calculate the percentage of days a property is used for rental versus personal use and how this affects deductible expenses. We’ll also review how particular forms are necessary for proper reporting, ensuring that the tax treatment aligns with the facts of the case.
Key topics covered:
Join this CE Course; participants will also learn about specific rental income exclusions available when time limits are met. These exclusions can be beneficial but come with restrictions, including the inability to claim expenses.
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Dr. Curatola is the Joseph F. Ford Professor of Accounting at Drexel University in Philadelphia. He is the Tax Column Editor for Strategic Finance since 1992. He has served as the editor of the Journal of Legal Tax Research and currently serves on the editorial review board of several journals, and has held a variety of leadership positions, including current national service with the Institute of Management Accountants. He has published over 250 articles in journals including Journal of Financial Services Professionals, Journal of the American Taxation Association, Journal of Forensic & Investigative Accounting, Oil, Gas, & Energy Quarterly, and Tax Notes to name a few. Dr. Curatola was a co-editor on IRA Answer Book by Wolters Kluwer and author of the EA Review course for Surgent Publishers. Dr. Curatola externally funded research findings have appeared in media such as Forbes Magazine, The Washington Post, The Wall Street Journal, The New York Times, and other media outlets.
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We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.
HD
Author states non residential realty to be depreciated over 31.5 yrs Believe such s/b 39.5 yrs Hdubrow@cpa.com Henry Dubrow
JE
I always learn new things even though Rental Properties are a favorite tax subject of mine.
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