Learn income tax preparation related to rental property form a certified public accountant (CPA)
β±οΈ Length: 16.4 total hours
β 4.38/5 rating
π₯ 14,774 students
π July 2024 update
Add-On Information:
Get Instant Notification of New Courses on our Telegram channel.
Noteβ Make sure your ππππ¦π² cart has only this course you're going to enroll it now, Remove all other courses from the ππππ¦π² cart before Enrolling!
- Course Overview
- Gain specialized training in residential rental property taxation, moving beyond general income tax principles to equip landlords and real estate investors with expert knowledge from a Certified Public Accountant (CPA).
- Master CPA-led strategies for ensuring full tax compliance while legally maximizing deductions and identifying all legitimate tax advantages specific to rental operations.
- Learn meticulous record-keeping methodologies essential for efficient tax preparation and robust audit defense, including clearly distinguishing between deductible repairs and capital improvements.
- Explore comprehensive tax implications across the entire property lifecycle, from navigating acquisition costs and financing to understanding the tax treatment of property sales, including capital gains, depreciation recapture, and key IRS forms like Schedule E and Form 4797.
- Requirements / Prerequisites
- A foundational understanding of basic U.S. federal individual income tax concepts, such as personal taxable income, standard deductions, and general filing requirements, is recommended.
- Reliable access to a computer or tablet with a stable internet connection for all digital course materials, instructional videos, and supplementary resources.
- A genuine commitment to actively engage with detailed financial information and dedicate sufficient study time to review course content, practice scenarios, and accompanying IRS publications.
- Skills Covered / Tools Used
- Strategic Tax Planning: Develop the analytical ability to proactively plan and implement tax-efficient strategies for rental properties, aiming to legally minimize tax liabilities and optimize returns.
- IRS Form Application: Achieve proficiency in accurately completing essential IRS forms related to rental income and expenses, focusing on Schedule E, and understanding Form 4797 for property disposition.
- Advanced Record-Keeping Systems: Implement robust, organized systems for tracking all rental income, operational expenses, and asset basis, ensuring comprehensive documentation for compliance and simplified audits.
- Tax Law Interpretation: Cultivate the skill to precisely interpret and apply relevant sections of the Internal Revenue Code and official IRS guidance to a wide array of specific rental property situations.
- Financial Tax Analysis & Audit Preparedness: Learn to evaluate the overall financial performance of rental properties from a crucial tax perspective, enabling more informed investment decisions, and acquire practical strategies for responding to potential IRS inquiries or audits.
- Benefits / Outcomes
- Achieve Tax Preparation Independence: Gain the comprehensive knowledge and unwavering confidence required to accurately prepare your own residential rental property tax returns, significantly reducing reliance on external preparers and associated costs.
- Optimize Tax Savings: Learn to meticulously identify and correctly claim all eligible deductions, credits, and depreciation methods, ensuring you legally minimize your tax burden and enhance investment returns.
- Mitigate Audit Risk: Implement robust record-keeping and reporting practices that substantially decrease the likelihood of IRS audits and provide a strong defense should an inquiry arise, offering peace of mind.
- Enhance Investment Profitability: Understand precisely how effective tax strategy directly influences the net profitability and cash flow of your rental property portfolio, leading to smarter, more lucrative financial decisions.
- Current Tax Law Expertise & Expert-Led Learning: Benefit from the course’s comprehensive July 2024 update, ensuring your understanding of federal tax laws and regulations impacting rental properties is completely current and immediately applicable, delivered with invaluable professional insights directly from a Certified Public Accountant (CPA).
- PROS
- Expert Instruction: Content delivered by a Certified Public Accountant (CPA) guarantees professional insight and accurate tax law interpretation.
- Up-to-Date: Benefits from a recent July 2024 update, ensuring all tax information and regulations are current and applicable.
- Comprehensive: Offers a thorough exploration of federal income tax preparation specifically for residential rental properties.
- Flexible & Highly Rated: Self-paced format with 16.4 total hours of content allows learning at your convenience, reinforced by a 4.38/5 rating from nearly 15,000 students.
- CONS
- While providing exhaustive federal tax guidance, supplementary research may be necessary for specific state or local rental property tax requirements.
Learning Tracks: English,Finance & Accounting,Taxes
Found It Free? Share It Fast!