Real Estate Professionals and Passive Activity: When Do They Exist and How to Report Them

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9450  |  Webcasts & Webinars  |  Intermediate  |  Scheduled

Description

This program presents a detailed analysis of the real estate professional passive activity rules, including forms reporting examples.

This course qualifies for PTIN credit.

This event may be a rebroadcast of a live event and the instructor will be available to answer your questions either during or after the event.

Curriculum

  • Taxation

Prerequisites

None

Designed For

CPAs working in public accounting firms and members in industry.

Objectives

To provide a working knowledge of the passive activity rules for "real estate professionals" and show how these situations should be reported on various tax forms.

Highlights

  • Definition of a real estate professional.
  • Pros and cons of being a real estate professional.
  • Integration of the real estate professional rules with reporting on form 1040, schedule E.
  • Real estate professionals and indirectly owned (partnerships, S corporations) reporting on Firm 1040, Schedule E.
  • Real estate professionals and the Form 8582 (passive activities).
  • How to make the "grouping" election.
  • Several real-life situations illustrate the various possibilities and discuss the consequences of failing to comply with the real estate professional standards.
  • Real estate professionals and "former passive activities" rules.


Preparation

None

Registration for this event has closed. If you have any question or concerns please give us a call at 515-223-8161 or send us an e-mail at iacpa@iacpa.org

Instructors

Steven C. Dilley

Show Bio

Steven C. Dilley is a professor at Michigan State University where he teaches tax accounting. He obtained his PhD in accounting from the University of Wisconsin-Madison in 1972. In 1969 he also received a law degree and an undergraduate accounting degree from UW-Madison. He is a member of the Wisconsin Bar Association, the American Bar Association, the Wisconsin Institute of CPAs, the Michigan Association of CPAs, the American Accounting Association, the American Institute of CPAs, the American Taxation Association, and the Hawaii Association of Public Accountants. Steve is the President of the Federal Tax Workshops, Inc. This organization prepares continuing education materials and presents continuing education programs for accountants and attorneys throughout the United States. Steve is nationally known for his knowledge of taxation in general and especially for his knowledge of the financial, accounting, and tax problems of the closely held business. He has published numerous articles on those topics.

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