Rental Properties, with Deep Dive into Short-term Rentals ON DEMAND

Overview

In this dynamic and ever-evolving world of rental property management, where platforms like Airbnb and VRBO have transformed the landscape, understanding the nuances of tax reporting and depreciation is crucial. This CPE webcast course, tailored for tax, accounting, and finance professionals, goes beyond traditional learning to offer practical, real-world solutions. You’ll learn the essentials of proper form selection for rental income reporting, whether it’s Schedule E (Form 1040) or Schedule C (Form 1040), ensuring that you’re always on the right side of compliance. The CPE course also covers the vital aspects of depreciation methods, converting personal residences to rentals, and the specific considerations when renting to related parties. What sets this on demand CPE course apart is its focus on practical application. Through analyzing court cases and revenue rulings, you’ll develop a deeper understanding of short-term rentals and their tax implications. By the end of this session, you’ll not only fulfill your CPE requirements but also gain a toolkit of knowledge and skills that directly translate to improved client service and enhanced professional credibility.

Highlights

14 day or 10% rule. Basics of rental rules. Vacation home rules. Renting to relatives. Counting days and ordering rules. Depreciation. Personal home converted to rental. Sale of personal residence. Schedule E or C. Short-term rentals.

Prerequisites

None.

Designed For

Business owners, financial professionals, CPAs, and EAs.

Objectives

Understand related terms and definitions. Knowledge of 14 or 10% rule. Analysis of vacation home rules under IRC Section 280A. Examine renting to related parties at and below fair rental value. Explore IRS and tax court rules on Counting days. Distinguish between Schedule E and Schedule C reporting for rental property. Determine the allocation of expenses between rental and personal use. Deep dive into short-term rentals. Inspect court cases, revenue rulings, and CCAs concerning rental property.