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Section 199A History3 mins
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Self-Rentals10 mins
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Section 162 & The Supreme Court22 mins
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Less than 250 Hours Per Year31 mins
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Facts & Circumstances45 mins
Published: November, 2021
The 199A deduction has arguably been one of the most talked-about tax breaks included in the Tax Cuts and Jobs Act. Taxpayers who qualify for it can claim up to a 20% deduction on qualified business income (QBI) for businesses operated directly by the taxpayer or through a pass-through entity. For rental property owners, this can be a particularly valuable benefit.
Yes, you read that correctly. As a rental property owner, it’s possible you could qualify for the 199A deduction if you meet certain requirements. Your ability to qualify also depends on the facts and circumstances of your situation.
In this online continuing education course, we cover the application of section 199A, Qualified Business Income ("QBI") the deduction, as it applies to rental real estate. We cover qualifying using the Safe harbor method, why that method may not work for all taxpayers, and how to qualify without using the Safe harbor method.
Section 162(a) allows a deduction for all the ordinary and necessary expenses paid or incurred during the taxable year in carrying on any trade or business. The rental of a single property may require regular and continuous involvement such that the rental activity is a trade or business within the meaning of section 162.
In this online webinar, we will discuss the support for qualifying rental real estate as a Section 162 trade or business and both good and bad fact patterns to help determine whether a venture qualifies.
Key topics covered in this online CPE webinar:
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MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478
MY-CPE LLC (Sponsor Id#: GEHNZ) has entered into an agreement with the Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, section 10.6(g), covering maintenance of attendance records, retention of program outlines, qualifications of instructors, and length of class hours. This agreement does not constitute an endorsement by the IRS as to the quality of the program or its contribution to the professional competence of the enrolled individual. Credit earned by attendees with a PTIN will be reported directly to the IRS as required of all providers. To ensure your CPE hours are reported, update your profile in My Account to include your PTIN number. Please note: IRS CE is only mandatory for EAs and ERPAs. For all other tax return preparers, CE is voluntary.
MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478
MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.
MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478
MY-CPE LLC (Sponsor ID# : 6273) has been approved by the California Tax Education Council to offer continuing education courses that count as credit towards the annual “continuing education” requirement imposed by the State of California for CTEC Registered Tax Preparers. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, toll-free by phone at (877) 850-2832, or on the Internet at www.ctec.org.
Certified Public Accountant (CPA)
Kasey is a CPA, licensed and practicing in Virginia who has over a decade of public accounting experience. Kasey specializes in emerging tax legislation and tax planning and compliance for closely held companies. She is well-versed in elaborate investment portfolios and multi-state tax filings.
Kasey is a renowned thought-leader in the accounting industry through her authorship on emerging and complex tax issues, and presenting on a wide variety of tax topics.
She graduated magna cum laude with a Bachelor's degree in Accounting from The College of William and Mary and summa cum laude with a Masters of Science in Accounting in Tax Services from the University of Notre Dame.
PBMares is a Certified Public Accounting and consulting firm focused on serving the audit, tax, accounting and consulting needs of companies and individuals. Founded in 1963, with 12 offices across Virginia, Maryland, Northern Virginia, and North Carolina, PBMares represents companies ranging from closely-held private businesses to leading non-profits to Fortune 500 multinationals. PBMares has industry practices specializing the construction, financial institutions, government contracting, healthcare, insurance, manufacturing, not-for-profit, real estate, restaurant, retail, state & local government and technology sectors. Its services include cybersecurity, cloud accounting, wealth management and transaction advisory services. PBMares is an independent member of the RSM US Alliance and is perennially ranked among the Top 100 accounting firms across the United States. More information is available online at www.pbmares.com.
23 Ratings
JK
Jan 6th, 2022
Kasey presented a linear and reasoned approach to a scenario that still is argued amongst even some of the most seasoned credentialed tax preparers. Bravo! Looking forward to taking more of her courses.
LZ
Dec 14th, 2021
Very clear instructions. Great points and details about what qualifies and what don’t. Short and straight to the point.
1 Credit
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