Rental Properties with Emphasis on Short Term Rentals

2 hours

In addition to having rental properties or renting vacation homes, more and more taxpayers are renting their homes through VRBO, Airbnb and other online platforms. In this session you'll learn which form to properly report rentals on, either Schedule E (Form 1040), Supplemental Income and Loss, Page 1, or Schedule C (Form 1040), Profit or Loss from Business. Furthermore, you'll learn proper depreciation methods, converting Personal Residence to a rental and renting to related parties. Finally, we will explore Short-term rentals and related tax consequences. Join us for this must attend session to assist you in handling unique situations of rental properties.

Learning Objectives - Upon completion of the session, the learner will be able to:
Understand related terms and definitions 
Knowledge of 14 or 10% rule
Analysis of Vacation Home Rules under IRC Section 280A
Examine Renting to related parties at Fair Rental Value {FRV} and below FRV
Explore IRS and Tax Court Rules on Counting days
Distinguish between Schedule E and Schedule C reporting for rental property
Determine the allocation of expenses between rental and personal use
Deep dive into Short-term Rentals
Inspect Court Cases, Revenue Rulings, and CCAs concerning rental property

SPEAKER:  A.J. Reynolds

A.J. is an enrolled agent (EA) with over thirty years of experience encompassing various areas of taxation. Though his practice centers on Individual, Business, and Estate Tax preparation, A.J. specializes in IRS Audits, Appeals, Collections, Innocent Spouse, Independent Contractor vs. Employee Issues, and Civil Tax Fraud Representations. As diverse as his specializations, A.J.’s clientele, too, ranges from average workers to Fortune 500 executives.

Based in Sioux City, Iowa, A.J. nevertheless brings his everyday “in the trenches” experience to seminars nationally and internationally to assist attendees with real issues affecting tax professionals. A.J. has spoken Basics + Beyond Income Tax Seminars and Webinars, NATP National Conference and Webinars, NAEA Webinars, NTI Resort Conferences, and Iowa State University Webinars and Annual Tax Seminars.

A.J. started his tax career with a national CPA firm in San Diego, CA after proudly serving for five years in the United States Navy onboard the Guided Missile Destroyer USS Callaghan. During his time on the destroyer, A.J. and crew members were awarded the Navy Expeditionary Medal for their work in the Straits of Hormuz off the coast of Iran.

Outside of his tax practice, he is a member of the Diocese of Sioux City Priests’ Pension & Welfare Board and the Investment Advisory Board for the Diocese. When not working, his time is spent in various activities, including traveling with his wife and their two children.