$98.00
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Secure Transaction CPE Credits
2 Credits: Taxes
Course Level
Basic
Format
Webcast
Course Description
You have seen house flipping shows on television, if not, you have probably heard of people flipping homes for a profit. But what you have not seen discussed on these TV shows or at the local coffee shop, is what are the tax implication of Flipping a dwelling.
In general, flipping is a type of real estate investment strategy in which an investor purchases a property at a low price not to use, but with the intention of quickly selling it for a profit.
Where do the transactions go? Will it be Schedule C, Schedule E, Schedule B, Form 8949 and Schedule D, or a combination of these forms? Will expenses and or renovations be capitalized or expensed in the current year? What was your client’s intent upon purchasing the property? Is your client an investor or dealer? Can you utilize IRC Section 1031, Like-kind exchange, related to the flipped home?
Learning Objectives
Upon completion of this course, participants will be able to:
- Explore what is a Trade or Business under IRC §162
- Examine distinction between a dealer and an investor
- Analysis of case law
- Investigate what Forms do we use for the flipping transactions
- Examine if the number of transactions each year makes a difference on how sale is treated
- Assess nature and intent of taxpayer
- Review other factors that affect related tax implications
Course Specifics
WC1824398391
January 13, 2025
None
None
Compliance Information
IRS Provider Number: 0MYXB
IRS Course Number: 0MYXB-T-02689-25-O
IRS Federal Tax Law Credits: 2
CTEC Course Number: 2071-CE-2131
CTEC Federal Tax Law Credits: 2
CFP Notice: Not all courses that qualify for CFP® credit are registered by Western CPE. If a course does not have a CFP registration number in the compliance section, the continuing education will need to be individually reported with the CFP Board. For more information on the reporting process, required documentation, processing fee, etc., contact the CFP Board. CFP Professionals must take each course in it’s entirety, the CFP Board DOES NOT accept partial credits for courses.
CTEC Notice: California Tax Education Council DOES NOT allow partial credit, course must be taken in entirety. Western CPE has been approved by the California Tax Education Council to offer continuing education courses that count as credit towards the annual “continuing education” requirement imposed by the State of California for CTEC Registered Tax Preparers. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, by phone toll-free at (877) 850-2832, or on the Internet at www.ctec.org.
Meet The Experts
A.J. Reynolds, EA has over thirty years of experience encompassing various areas of taxation. Though his practice centers on Individual, Business, and Estate Tax preparation, A.J. focuses a portion of his practice to IRS Representation. As diverse as his specializations, A.J.’s clientele, too, ranges from average workers to Fortune 500 executives. Additionally, A.J volunteers his time with the Iowa Legal Aid’s Managing Attorney assisting in Tax Court cases and assorted income tax issues. A.J. brings his everyday “in the trenches” experience to seminars and webinars for multiple organizations to assist attendees with real issues affecting tax professionals. A.J. started his …
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