Tax reform provisions have frequently changed the tax on profits realized from the disposition of real estate. This has forced investors to seek “escape hatches” from fluctuating capital gains taxes. Tax-deferred exchanges permit the disposition of property often with the taxpayer receiving significant cash but without the payment of any tax. Functionally, an exchange is a “bridge” over the normally taxable event of moving from one property to another. This course alerts the practitioner to the different planning opportunities that surround exchanging and also identifies the tax consequences of home sales, foreclosure, repossession, and other real property dispositions. Additional topics of interest include involuntary conversions and at-risk limits.
Capital Gains. Home Sales. Foreclosure and Repossession. Involuntary Conversions. At-Risk Limits.
CPAs, financial professionals, enrolled agents and attorneys.
Identify capital gains rates with applicable assets using the “basket” approach. Determine gain under the installment method noting the application of the unstated interest rules. Specify the types of property that qualify for a like-kind exchange. Recognize the methods of identifying such property in a delayed exchange including the mechanics for such an exchange. Recognize the differences between recourse and nonrecourse indebtedness identifying their impact on foreclosures. Determine how various types of property affect the repossession rules of Section 1038 including basis and gain or loss for both installment and non-installment method sales. Determine how easements affect condemnations and how to report gain or loss associated with involuntary conversions. Cite the types of payments included in a condemnation award. Specify the types of entities that qualify for exclusion from at-risk limits noting the impact of recourse and nonrecourse financing.
Danny Santucci, Western CPE
Danny Santucci, BA, JD, is a prolific author of tax and financial books and articles. His legal career started with the business and litigation firm of Edwards, Edwards, and Ashton. Later he joined the Century City entertainment firm of Bushkin, Gaims, Gaines, and Jonas working for many well-known celebrities. In 1980, Danny established the law firm of Santucci, Potter, and Leanders in Irvine, California. With increasing lecture and writing commitments, Danny went into sole practice in 1995. His practice emphasizes business taxation, real estate law, and estate planning. Speaking to more than 100 groups nationally each year, he is known for spicing up his extensive expertise with an incredible sense of humor.
Non-Member Price $67.00
Member Price $58.00