What Tax Professionals Need to Appreciate about Property Transaction Taxation in 2024-25

There are generally two issues associated with property transactions: the basis of the asset and the type of gain/loss resulting from a transaction. In this webinar, we cover the basis calculation for various property transactions and introduce the tax treatment for 1245 and 1250 property. We'll also explore capital gains and loss calculations for the disposition of depreciable property, real property, converted property, and special property transactions. The session concludes with the tax treatment of primary and secondary residences. This course highlights the current tax rules associated with capital gains and losses, emphasizing changes due to the shift from CPE-U to C-CPI-U. We'll also discuss basis determinations for different methods of acquiring property, including gifts, and the challenges they present in calculating gains or losses. Finally, we address recapture rules under sections 1231, 1245, 1239, 267, 291, and 1250, as well as involuntary conversion rules for property, residences, and livestock. Key Topics Covered: Basis Calculations for Property Transactions Tax Treatment of Depreciable Property (Sections 1245 and 1250) Capital Gains and Loss Calculations Involuntary Conversions and Section 1033 Tax Treatment of Primary and Secondary Residence Join this comprehensive course; we will provide valuable insights into these complex areas, ensuring you are well-equipped to navigate these tax challenges effectively. For more CE Tax Courses, Click here.