Becoming a Tax Ninja: Lightning-Fast Depreciation

Overview

We’ll cover the new lightning-fast methods of depreciation provided by the Tax Cuts and Jobs Act and CARES Act. You’ll learn how to take fast depreciation, and how to take partial disposition losses when real property is remodeled or other improvements are made.

Highlights

We’ll cover the following important topics: Bonus depreciation after the Tax Cuts and Jobs Act. Schedule 179 and its application to real property. How and when the de minimis rules can be used on residential real property remodels. Utilizing the partial disposition election when remodeling real property.

Prerequisites

Some knowledge of tax depreciation.

Designed For

CPAs and CPA aspirants in public practice and tax staff in private practice who have a some experience with tax depreciation.

Objectives

Determine the best depreciation method for real estate improvements. Determine which cost recovery method is best in specific client situations. Apply the new rules for de minimis expensing updated for affects of the Tax Cuts and Jobs Act. Apply the bonus depreciation rules for qualified improvement property under the CARES Act. Calculate partial disposition losses. Phantom income - the downside to lightning-fast depreciation. Minimizing ordinary income on the sale of property.