Description
Taxes
COURSE SYLLABUS
Course Description
It is important to realize understanding tax laws is an integral part of running a successful real estate business. The ramifications of ignorance or inaccuracy in recordkeeping, tax responsibilities, or employer/employee relationships are severe and will bring a business down in short order. There are also many aspects of real property ownership, including depreciation, deductions, exchanges and more, that will greatly affect whether a business thrives or dies. Any real estate professional who plans to run their own business should be aware of the benefits, pitfalls, and requirements surrounding property-related taxes.
After completing this course participants will be able to:
- Recognize the benefits of real property ownership, as well as 1031 exchanges, depreciation, and loss.
- Understand the tax responsibilities, hiring provisions and recordkeeping requirements of an employer.
- Be able to outline the specifics of real property indebtedness.
TAXES
Lesson 1 (25 minutes)
1. Tax Liabilities
2. Employment Taxes
a. Social Security
b. Medicare
c. FUTA
3. Hiring
4. Documentation
5. Reporting and Depositing
6. Penalties
7. Expenses
Chapter Quiz – 8 Minutes
Lesson 2 (30 minutes)
1. Taxable Income
2. Home Office
3. Recordkeeping
4. Accounting
5. Income Benefits of Property Ownership
Chapter Quiz – 8 Minutes
Lesson 3 (30 minutes)
1. Deductible Items
2. Gains
3. Self-Directed IRAs
Chapter Quiz – 8 Minutes
Lesson 4 (25minutes)
1. Partial Sales or Condemnations
2. Depreciation
3. Passive Loss
4. Section 1031 Exchanges
5. Indebtedness
6. Case Studies
Chapter Quiz – 8 Minutes
Final Assessment – 10 minutes
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