Whacky Rentals – Rental Arrangements with a Twist


RATING
4.8
This program was recorded live on Tuesday, June 13, 2023

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Continuing Education

CPE Program Knowledge Level: Overview
2 CPE Credit; NO prerequisites or advance preparation
CTEC Course #: 3022-CE-0159
IRS/RPO Approved Program
#7ZBUJ-T-00110-23-O (Online/Group) Live (Group-Internet Based)
#7ZBUJ-T-00110-23-S (QAS Self Study) Archive
Federal Tax Law (2 Hours)

Program Content

This online learning program, presented as a live webcast, will be also archived for QAS Self Study. The program will be available for viewing for 12 months after the live webcast. A panel of IRS and industry experts will present the content during a live, interactive discussion, where participant questions can be submitted. Questions will be answered live on the program or posted on the Resources page.

The program, through a lively round-table discussion and real time interaction with the audience, examines the tax treatment of various types of rental agreements. The program will focus on the concept of rent and the deductions that arise from engaging in rental activities. Panelists also will examine how individual taxpayers should properly report rental income. The panel will also explore how individuals should properly report income derived from the rental of a personal residence.

By the end of the program, participants will have a practical understanding, through accurate, current, and effectively designed communications, of the tax treatment of the income derived from many different types of rental agreements.

Program Learning Objectives

  1. Identify the point when rental income becomes considered taxable income.
  2. Identify the publication that discusses rental income and expenses (including depreciation) and explains how to report them on a return.
  3. Identify the period of years, by convention, that U.S. residential rental property is depreciated.
  4. Identify the form used by noncorporate taxpayers to figure the amount of any passive activity loss (PAL) for the current tax year.

Program Outline

  • Rental Income
    • Rent vs. Deposit
    • Percentage Rents
    • Payment of Landlord's Expenses
    • Capital improvements
    • Advance Rents
    • Assignments and Loans
    • Graduated Rents
    • Deferred or Stepped Rental Arrangements
    • Lease Cancellation Payments
    • Related Parties
    • NNN Payments
    • Self-Rental Rules

  • Rental Expenses
    • Normal Property Expenses
    • Depreciation
    • Personal Use of Property
    • Limits on Rental Losses
    • Repair Regs
    • Repair Vs Improvement

  • Individual Reporting Rental Income
    • Schedule E
    • Schedule C
    • Net Investment Income Tax
    • Real Estate Professional
  • Rental of a Home

    • Residential Rentals in General
    • Converting Home to Rental Property
    • Rent with Option to Buy
    • Renting Part of a Home
    • Renting The Entire Home Part of the Time
    • Renting a Vacation Home
    • Renting a Mixed-Use Residence

Panelists

Moderator

Alan Pinck, EA
A. Pinck & Associates

Alan Pinck is an Enrolled Agent with over 30 years of tax preparation experience in the San Francisco Bay Area. He has built a practice specializing in individual, small business tax preparation and audit representation. You have seen Alan presenting at NTPI events, CSEA Super Seminar, Spidell Publishing as well as a variety of other presentations for tax groups and small business associations. Having represented thousands of tax returns in audit, Alan has obtained tremendous insight of the audit process as well as knowledge on a wide variety of tax issues.

IRS Panelist

John Reis

John Reis
Senior Program Analyst, Internal Revenue Service

John Reis began his career with the IRS in 1991 as a revenue agent in SBSE's general program. He attended Bryant University where he obtained both a Bachelor of Science Degree in Business Administration with a concentration in accounting before obtaining his Master's Degree in Taxation (MST). He has spent over 28 years conducted the examination of various types and sized of income tax returns as a field agent. In 1999, he began working for SBSE Headquarters providing technical guidance to field examiners across the country and specializing in the following areas of the Internal Revenue Code: IRC Sections, 469, 280A, 1411, 1031, 163 & 121.

John has taught IRC § 199A to a wide audience of examiners from the IRS as part of the Tax Cuts and Jobs Act (TCJA) face to face training during the summer of 2019. John also served as the lead for IRC Section 1031 as part of the TCJA changes where he was responsible for updating various publications, tax tips on IRS.gov, developing additional training materials for in-house training, etc. He continues to periodically teach various topics within his areas of expertise. John also served as a finance committee chairperson for a local Catholic parish. He is currently gearing up to teach three summer 2023 CPE sessions to IRS wide audiences as part IRS commitments to annual training efforts.

Industry Panelists

Jane Ryder

Jane Ryder, EA, CPA

Jane has been providing tax preparation, accounting, representation, and tax collection resolution services since 1980. She runs her San Diego CPA firm and writes and speaks nationwide on many tax, business compliance and accounting topics. Jane has a business centric practice, preparing and consulting on tax, accounting, and compliance matters for Corporations, S-corporations, LLC's, Partnerships, and Trusts. She also specializes in IRS and state agencies collections, payment plans, audit representation, audit appeals, offers in compromise, and other compliance related issues.

Kelly H. Myers

Kelly H. Myers

Mr. Myers is a tax consultant with Myers Consulting Group, LLC, based in Huntsville, Alabama. Kelly provides tax seminars, advisory, and controversy services to clients which include individuals, businesses, and accounting firms. He spent over 30 years with the Internal Revenue Service (retired 2017) with the last 20 years working for the Washington, DC Headquarters as a Senior Technical Advisor. His IRS experience included official guidance projects, examiner, and litigation technical support, and implementing new legislation. He leverages his decades of IRS and public accounting experience to strategically add value to a varied client base. He has developed efficient tax strategies in both preparation and controversy arenas. He has been a guest speaker for numerous CPA and EA continuing education events, IRS Nationwide Tax Forums, national tax associations, and others in both live settings and webinars. Kelly currently serves on the Federal Tax Committee for the National Society of Accountants (NSA), an alternate member of IRS Taxpayer Advocacy Panel (TAP; 2023-2025) and previously served on the Internal Revenue Service Advisory Council (IRSAC; 2020-2022).

Content Consultant

David F. Windish, J.D., LL.M
Content Consultant

David F. Windish, J.D., LL.M. in taxation, is a tax attorney and consultant. He has served as an instructor of tax-advantaged investments at the New York Institute of Finance; an Instructor of business law at the U.S. Merchant Marine Academy, Kings Point, N.Y.; and an adjunct professor at George Mason University, Fairfax, Va. He has also served as executive editor for Tax Analysts; managing editor for Business Strategies, published by CCH; and senior editor for the Institute for Business Planning.

Mr. Windish is the author of Practical Guide to Real Estate Taxation, published by CCH and currently going into its sixth edition. Earlier works include Tax Advantaged Investments and Investor's Guide to Limited Partnerships, both published by the New York Institute of Finance. Through the Center for Video Education, he authored continuing education courses dealing with real estate and closely held corporations. Those courses included readings, case studies, and videotape segments.

Mr. Windish is a graduate of Rutgers University Law School and the New York University School of Law, Graduate Division. He has been heard as a guest speaker at professional meetings and seminars and on popular radio programs.

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