LF logo
by learnformula
search
Log in
search
Courses/Tax/Income Tax *

Tax - Rental Property 2023-2024 Special Situations

Unlock Tax Filing Confidence with Practical Examples: Step-by-Step Instructions in this Comprehensive Income Tax Course

Created byRobert Steeleworkspace_premium
4.3
(3 reviews)
BeginnerUpdated Aug 4, 2024
Tax - Rental Property 2023-2024 Special Situations

About This Course

Dive into the intricate aspects of U.S. income tax law for residential rental properties with our specialized course on handling special situations. Designed for property owners, real estate investors, accountants, and tax professionals, this course covers unique scenarios and complex tax issues that arise with residential rental properties.

Gain advanced insights into handling special tax situations such as short-term rentals, mixed-use properties, property sales, and significant repairs or improvements. Learn how to navigate these complexities to ensure accurate tax reporting, compliance with IRS regulations, and optimization of tax benefits.

Key topics covered in this course include:

  • Short-Term Rentals: Understand the tax implications of short-term rental properties, including income reporting, allowable deductions, and the impact of platforms like Airbnb and VRBO.
  • Mixed-Use Properties: Learn how to allocate expenses and income for properties used both as a residence and a rental, and understand the specific rules for mixed-use property taxation.
  • Property Sales and Exchanges: Explore the tax consequences of selling residential rental property, including capital gains, depreciation recapture, and the use of like-kind exchanges under Section 1031.
  • Significant Repairs and Improvements: Distinguish between deductible repairs and capital improvements, and learn how to depreciate major property upgrades over time.
  • Casualty and Theft Losses: Understand how to report and deduct losses from casualties or theft affecting your rental property.
  • Vacation Homes: Learn the tax rules for vacation homes that are rented out part-time, including the allocation of expenses between personal use and rental use.
  • Co-Ownership and Partnerships: Navigate the tax implications of co-owning rental property, including partnership agreements, income distribution, and reporting requirements.
  • Tenant Issues and Rent Collection: Address special tax situations related to tenant issues, such as unpaid rent, tenant improvements, and security deposits.
  • Record-Keeping and Documentation: Emphasize the importance of maintaining detailed records to support your claims and ensure compliance with IRS regulations.
  • Tax Planning Strategies: Develop effective strategies to manage complex tax situations, minimize tax liability, and maximize the benefits of your rental property investments.

Led by experienced tax professionals, this course features engaging lectures, practical exercises, and real-world examples to help you apply theoretical knowledge to unique rental property scenarios. Participate in interactive discussions, access valuable resources, and benefit from live Q&A sessions with experts.

Enroll in this course to gain a thorough understanding of special tax situations for residential rental properties, ensuring accurate tax reporting and optimized financial management for your investments.

Your Instructor

Robert Steele
Robert Steele

CPA, CGMA, M.S. Tax, CPI

menu_book290 courses
star1,929 reviews

Through working with students from many different schools, Mr. Steele has learned best practices for helping people understand accounting fast. Learning new skills and finding the best way to share knowledge with people who can benefit from it is a passion of his. Mr. Steele has experience working as a practicing Certified Public Accountant (CPA), an accounting and business instructor, and curriculum developer. He has enjoyed putting together quality tools to improve learning and has been teaching, making instructional resources, and building curriculum since 2009. He has been a practicing CPA since 2005. Mr. Steele is a practicing CPA, has a Certified Post-Secondary Instructor (CPI) credential, a Master of Science in taxation from Golden Gate University, a Bachelor’s Degree in Business Economics with an emphasis in accounting from The University of California Santa Barbara, and a Global Management Accounting Designation (CGMA) from The American Institute of CPA (AICPA). Mr. Steele has also authored five books that can be found on Amazon or in audiobook format on Audible. He has developed bestselling courses in accounting topics including financial accounting and QuickBooks accounting software. In addition to working as an accountant, teaching, and developing courses Mr. Steele has helped create an accounting website at accountinginstruction, a YouTube channel called Accounting Instruction, Help, and How Too, and has developed supplemental resources including a Facebook Page, Twitter Page, and Podcasts that can be found on I-tunes, Stitcher, or Soundcloud. Mr. Steele's teaching philosophy is to make content applicable, understandable, and accessible. Adult learners are looking for application when they learn new skills. In other words, learners want to be able to apply skills in the real world to help their lives. Mr. Steele’s formal accounting education, practical work experience, and substantial teaching experience allow him to create a curriculum that combines traditional accounting education with practical knowledge and application. He accomplishes the goals of making accounting useful and applicable by combining theory with real-world software like Excel and QuickBooks. Many courses teach QuickBooks data entry or Excel functions but are not providing the real value learners want. Real value is a result of learning technical skills like applications, in conjunction with specific goals, like accounting goals, including being able to interpret the performance of a business. Mr. Steele makes knowledge understandable by breaking down complex concepts into smaller units with specific objectives and using step by step learning processes to understand each unit. Many accounting textbooks cram way too much information into a course, making it impossible to understand any unit fully. By breaking the content down into digestible chunks, we can move forward much faster. Mr. Steele also makes use of color association in both presentations and Excel worksheets, a learning tool often overlooked in the accounting field, but one that can vastly improve the speed and comprehension of learning accounting concepts. The material is also made understandable through the application of concepts learned. Courses will typically demonstrate the accounting concepts and then provide an Excel worksheet or practice problems to work through the concepts covered. The practice problems will be accompanied by an instructional video to work through the problem in step by step format. Excel worksheets will be preformatted, usually including an answer tab that shows the completed problem, and a practice tab where learners can complete the problem along with a step by step presentation video. Mr. Steele makes learning accounting accessible by making use of technology and partnering with teaching platforms that have a vision of spreading knowledge like CPDformula.

Credit Information

What Students Are Saying

4.3
Student's Choice
3 reviews

Frequently Asked Questions

We are a registered provider with 327+ associations and regulatory bodies worldwide. We operate across 29 global markets including Canada, the US, Australia, and the UK. Every course page clearly displays its specific accreditations. Upon completion, you receive a professional certificate that can be validated online. Our certificates include all necessary accreditation details, credit hours, and completion dates, and are formatted specifically to meet the submission requirements of most global regulatory bodies.