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Course Details

COURSE

Understanding IRS Penalties and Abatement Options

Master tax return preparation for real estate investors and landlords with this essential course on Schedule E.

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$77.00

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Understanding IRS Penalties and Abatement Options
  • Time: 3 Hrs
  • Level: Advanced
  • Certificate: Upon passing the test

INFORMATIVE CONTENT

Understanding IRS Penalties and Abatement Options
AEP Transition, Accuracy-Related and Fraud Penalties, International Reporting, and Preparer Penalties — Advanced

Course Classification:

  • Category: Federal Tax (T).

  • Credits: 2 IRS Continuing Education Hours.

  • Provider: EZ Tax To Go LLC (Provider Number GFLRH).

Summary Description:

Master tax return preparation for real estate investors and landlords with this essential course on Schedule E. Learn to maximize your clients’ deductions while safely navigating the complex rules regarding passive activity losses, depreciation, and personal use of properties. This course will provide you with the technical expertise needed to handle everything from vacation rentals to large commercial property portfolios.

What will you learn in this course?

  • Income and Deductions: Determine what constitutes rental income (including security deposits and advance payments) and how to clearly distinguish between immediately deductible repairs and capital improvements.

  • Depreciation and Basis: Correctly calculate depreciation for residential (27.5 years) and commercial (39 years) properties, including the vital allocation between land (non-depreciable) and the building.

  • Personal Use and Exclusions: Apply the personal-use tests and discover how the “Augusta Rule” allows you to exclude rentals of fewer than 15 days a year from income.

  • Loss Limits and Professional Status: Navigate the general rule that real estate is a passive activity by default. Learn to apply the $25,000 special allowance for “active participation” and evaluate when a client qualifies as a “Real Estate Professional” (750-hour test) to deduct losses without limits.

  • Advanced Strategies: Understand how the QBI safe harbor (250 hours) applies to rentals, the impact of the Net Investment Income Tax (NIIT), and the fundamentals of Section 1031 Like-Kind Exchanges.

Enroll today to offer a high-value, specialized service to real estate owners, ensuring they pay only their fair share while strictly complying with IRS regulations!

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