This comprehensive training is designed to get the accountant up-to-speed quickly with the complex passive activity loss (PAL) rules that apply to certain investments in trades or businesses and rental activities. The cornerstone of the course is the in-depth coverage of the detailed tax law and regulations applicable to passive activities under IRC §469 and how and when the 3.8% net investment income tax under §1411 applies.
Once participants have completed this session they should be able to * Identify what activities are subject to the PAL rules and the exceptions to them including those for certain real estate professionals * Define a passive activity, rental, and trade or business under IRC §469 * List the seven ways to materially participate in an activity and the six exceptions to the definition of a rental activity * Calculate the passive activity income and losses allowed and the tax ramifications of passive activity dispositions * Recognize what passive activity investments are potentially subject to the 3.8% net investment income tax under IRC §1411
* Each attendee will receive the most comprehensive passive activity reference manual with numerous practice aids and real-world examples * Topics include but are not limited to * Detailed coverage of the Tax Cuts & Jobs Act (TCJA) affecting passive activities and rental real estate (i.e., new 20% qualified business income deduction (QBI)) * How the PAL rules apply to rental real estate activities and investments in S Corporations and partnerships * How the 3.8% net investment income tax under §1411 applies to passive activities * Definition of an activity and the activity grouping and disclosure rules * Real estate professional exception to the PAL rules for investments in nonpassive rentals * Special $25,000 loss allowance for rental real estate with active participation * Material participation safe harbor rules * Events that trigger suspended PALs * Limitations on tax credits generated by passive activities * Special rules that recharacterize passive income to nonpassive income
Who Should Attend
Tax professionals who need an in-depth training course on the passive activity loss rules and how they apply to certain investments in trades or businesses and rental activities.
Additional Event Information
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