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Residential Rental Property Tax Preparation 2022-2023

Last updated on April 2, 2024 11:48 am


What you’ll learn

  • Explain what is new for the current year
  • Discuss what is included in rental income
  • Describe when to report rental income
  • Explain accounting methods
  • Describe common rental expenses or deductions
  • Discuss how personal use of property can impact the amount of expenses to report
  • Explain what depreciation is and how it applies to rental property
  • Discuss what rental property can and cannot be depreciated
  • Describe limitations on rental losses, at-risk rules, and passive activity limits

This course will focus on tax preparation related to rental real property.

We will look at each new concept from multiple angles, starting with a presentation discussing the topic and then looking at examples to better understand the concepts in action.

The example section will use tax forms to work problems and an accounting equation method using Excel so learners will understand the impact on the actual tax return and visualize the concepts using a tax formula.

We will start with an introduction to residential rental property and go over what’s new.

Learners will understand what constitutes rental income and expenses for a situation where there is no personal use of the dwelling. We will understand when to deduct and what the most common deductions are.

Learners will understand the concept of points and the tax implications.

The course will discuss the concept of depreciation, providing examples using tax forms and worksheets to solidify the information.

We will discuss the concept of basis and how it is calculated. Learners will understand what rental property can be depreciated and well as when depreciation should begin and end. The course will outline depreciation methods and how to determine the proper one for a particular situation.

We will also discuss reporting rental income, expenses, and losses. Learners will know which forms to use. The course will cover Schedule E and provide example presentations demonstrating the form.

We will also discuss loss limitation rules.

Who this course is for:

  • Investors in residential real estate
  • Tax professionals
  • Business, accounting, and tax students


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