Real Estate Taxation 2024

Overview

Examine significant real estate tax issues and concepts, including planning and compliance topics emphasizing tax elimination or deferral. Discuss the qualified business income deduction (Sec. 199A) as it relates to real estate investments; limited discussion of opportunity zones (Sec. 1400Z-2) relating to real estate; 1031 exchanges; home sale exclusion (IRC Sec. 121); passive activities loss rules; estate planning and gifting with real estate; and California property tax issues, updated for passage of Proposition 19 affecting parent-child transfers and transfer of assessments to a new principal residence.

Highlights

• California property taxation-updated in light of Proposition 19 passage
• Qualified business income deductions [IRC Sec. 199A]
• Opportunity zone deferral related to real estate [IRC Sec. 1400Z-2]
• Passive activities loss rules [IRC Sec. 469]
• Real estate professional rules [IRC Sec. 469(c)(7)]
• Interest expense deduction rules [IRC Sec. 163]
• Home sale exclusion [IRC Sec. 121]
• 1031 exchanges
• Estate planning and gifting with real estate

Prerequisites

Basic knowledge of real estate or tax preparation.

Designed For

CPAs, CFPs, enrolled agents and attorneys.

Objectives

• Identify crucial real estate tax and nontax issues
• Determine essential techniques for deferral, reduction or elimination of taxes related to real estate acquisition, operations or disposition
• Identify critical tax return disclosures, concepts and procedures

Preparation

None