Overview
The "permanent" changes from the TCJA may stand like a lion in the pathway of change, but Washington has its own definition of permanent. Inflation adjustments and technical corrections are included within this deep analysis of the complex maze of rules dealing with depreciation, amortization, and sale of property. This course contains many examples and cases to illustrate the most important points of which CPAs need to be aware.
Prerequisites
Basic knowledge of tax issues for property transactions
Objectives
- Fully understand two of the most commonly prepared tax forms
- Understand assets from acquisition to disposition
- Complete and discuss cases highlighting some of the practical issues tax preparers face
Highlights
- Resolved technical glitches for qualified improvement property
- Detailed coverage of §179 expense elections and §168(k) bonus or additional first-year depreciation – how to maximize them, definitions, limitations, qualified property, etc.
- Sale of property and the depreciation recapture rules (§1245, §1250, unrecaptured §1250 gain for real estate, §291 for corporations)
- MACRS depreciation – finding the proper method, convention, and recovery period
- Listed property and the current limitations
- Amortization of start-up, organization, and other expenditures
- AMT depreciation adjustments and how to avoid them
- Examples, cases, and rulings of depreciation and amortization issues and how they impact clients, along with useful planning opportunities
