Wednesday, July 23 | 2:00 p.m. - 3:40 p.m. | Concurrent Session
Short Term Rentals: After the Audits
2 CPE for AFSP, EA, CFP®, CPA, CRTP
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This course is an overview of the short-term rental (STR) loophole with important insights and outcomes from actual audits related to this advanced strategy Participants will learn the fundamentals of STR tax reporting, including key distinctions between Schedule E and C, passive and non-passive income, depreciable life and substantial services. Emphasis will be placed on due diligence, essential documentation and audit mitigation strategies to confidently navigate this advanced tax planning tool. Equip yourself with the knowledge to assist sophisticated taxpayers in leveraging the STR loophole effectively and compliantly.
Objectives
Upon completion of this session, you will be able to:
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Summarize the basics of reporting an STR, including whether to report the activity on Schedule E vs. Schedule C, whether the activity is passive vs. non-passive, the depreciable life of an STR and what constitutes substantial services
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Review crucial documents to require that mitigate audit risks
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Identify tax planning opportunities and advanced applications of this strategy for more sophisticated taxpayers
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CPE information
Duration: 100 minutes
Course level: Intermediate
Prerequisite: Basic understanding of individual income taxation
Advanced preparation: None
Delivery method: Group Live
