Crucial Changes Affecting Real Estate Taxation
Author: Greg White
| CPE Credit: |
2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC |
Apply Tax Reform Changes to Real Estate Tax Issues - Including Notice 2018-64 Regarding Sec. 199A Regs
The Tax Cuts and Jobs Act of 2017 (TCJA) made big changes to taxes for many businesses. Chief among those are any businesses with real estate holdings as part of their business. Changes to depreciation, expensing, interest deductibility, and the new qualified business income deduction (QBID) mean your clients or your business will have much new to consider for 2020 tax filings.
Now is the time to get a head start on these issues with the help of experienced tax instructor Greg White, CPA. This two-hour CPE webinar will provide insight into the most critical changes and allow you time to make adjustments and plan for how these changes affect your clients or business.
Publication Date: January 2021
Designed For
CPAs and CPA aspirants in public practice and tax staff in private practice who have some experience with federal taxes.
Topics Covered
- TCJA and Bonus Depreciation
- Qualified Improvement Property
- Sales of Partnership Interests: Partnership Bonus
- Section §179
- Section §179: Qualified Real Property
- The Basics: De Minimis
- Self”constructed Assets
- Ambiguity: It's a "Two”Edged" Sword
- §163(j)
- Computation of Limit (if Subject to §163(j))
Learning Objectives
- Recognize the best depreciation method for real estate improvements, including Tax Cuts and Jobs Act changes
- Identify and apply effective dates for the new rules
- Recognize and apply the new rules for de minimis expensing updated for changes in the Tax Cuts and Jobs Act
- Describe changes made to interest deductibility area. Should some real estate owners "elect out" even though their gross receipts are significantly below $25 million?
- Identify and apply the new QBID rules (20% "pass-through deduction") to real estate rentals
- Describe how the Tax Cuts and Jobs Act (TCJA) applies to interest capitalization on self-constructed assets
- Recognize how §179 for qualifies as real property
Level
Intermediate
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
Basic Understanding of federal income taxation concepts as applied to real estate ownership.
Advance Preparation
None
