CPE Credits: 2
Course Level: Advanced
Prerequisites: Basic knowledge of passive activities
Advance Preparation: None
Fees: $49 for Members and $60 for Nonmembers
Summary
As tax professionals, we must deal with the passive activity rules as they relate to nonmaterial participation trade or business activities as well as to all rental activities. Many of our clients invest in passive activities through partnerships and S corporations. In addition to working through the rules for current year passive losses and deductions, we must understand the rules related to suspended passive losses and passive activity dispositions and their affect on capital loss carryforwards. This relevant, information packed webinar will provide much needed clarity in the confusing world of passive activities.
Objectives:
Upon completion of this webinar, you will be able to:
- Identify the tax implications the disposition of an entire interest in a passive activity.
- Complete Forms 8582, 8582CR and 6198.
- Discuss the real estate professional exception to passive classification.
- Identify events that trigger and "free up" suspended passive losses.
- Determine when you should elect to group passive activities.
Presenter: Steven O'Rourke, EA