This class is designed to give you a better understanding on how to account for the selling of a residential rental property for tax purposes. After taking this class you will be able to identify basis and calculate adjusted basis. You will then learn how to allocate the sales proceeds to the property and other assets associated with the property, which are included in the sale. This will help you determine whether or not you have a gain or loss on the sale.

You will also learn that the allowed/allowable depreciation taken on the property will be subject to an unrecaptured section 1250 property gain resulting in and up to 25% tax. Finally, you will understand how to report the gain or loss and how to calculate the taxpayer’s tax liability.