Passive Losses - IRC Sec 469 FLEXCAST

Overview

Passive activity losses have been around since 1986. They came out with clarifications on the grouping election in 2010. There have been a series of court cases over the past decade that have come down and ruled against the taxpayer. We could all use a pencil sharpening on the subject. This course gets into real estate professional, material participation, and active participation. The course goes through all the rules and then provides a verbal flowchart of questions you should ask to get the maximum benefit to the client. It will touch on some planning around the Medicare surtaxes, the net investment income tax, and what are some of the ways we can get the benefits there. Can we combine husband and wife together for real estate professional? Can we combine them together for material participation? Another helpful aspect of covering 469 is we can compare and contrast to the safe harbor rules under the revenue procedure with 199A.

Highlights

Basic Rules. Passive Activities. Active vs. Material Participation. At-Risk Rules. Qualifying Disposition.

Prerequisites

None.

Designed For

CPAs, financial professionals, enrolled agents and attorneys.

Objectives

Nuts and bolts of IRC Sec 469. Verbal flowchart for maximum benefits. Planning around Medicare surtax and net investment income tax. Husband and wife combination for real estate and material participation. Compare and contrast to safe harbor rules under revenue procedure with 199A.

Preparation

None.

Notice

This is a FlexCast (no exam required) and may be viewed only Monday - Saturday, 5am - 5pm PT. You may take up to one year from the date of purchase to complete the course. Pause your FlexCast and resume at a convenient day during the hours above. Partial credit for 2+ credit courses: If you are unable to complete the course in one sitting, partial credit can be awarded (minimum of one credit). To earn the remaining credits, you must return later and start the course from the beginning. Use chat to ask questions of a subject matter expert during the program.