Review of numerous basis rules relevant in all the ways we deal with property - creation, acquisition, use, and disposition. Coverage will include the basis of residences, rental property, digital assets, mixed-use properties, investments, passthrough entity ownership and business entities. Rules covered include capitalization, deferred exchanges, debt-financing, energy and other tax credits, wash sales, demolitions, inventory tracking, mark-to-market rules, special accounting method rules, gift and similar transfers, and more. Recordkeeping, reporting and book-tax differences will also be addressed. Presented in two parts today.
Identify the tax rules affecting the basis when property is created, acquired, used and disposed of.
Explain special tax rules affecting the basis of property as well as recordkeeping and reporting rules.
Identify advanced basis rules relevant for federal and state tax compliance and planning.
CPA, CGMA, Esq,
Professor, MST Program Director,
San Jose State University