This course offers a comprehensive analysis of the evolving rules surrounding depreciation, amortization, and property transactions, incorporating the latest inflation adjustments and technical corrections. It offers practical guidance through real-world examples and case studies to clarify complex rules and help professionals stay compliant and informed amid ongoing change.
Learning 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
Major Topics
- New bonus depreciation and §179 changes under the One Big Beautiful Bill Act (OBBBA)
- Resolved technical glitches for qualified improvement property
- Detailed coverage of §179 expense elections and §168(k) bonus or additional first-year depreciation – maximizing deductions, definitions, limitations, and qualified property
- Sales 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 startup, 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
