- NY Credits : 8.0
- TX Credits : 8.0
- CTEC Credits : Federal Tax Law - 8.0
- IRS Enrolled Agent Credits : Federal Tax/Tax Related Matters - 8.0
- IRS Non-Credentialed Return Preparer Credits : Federal Tax - 8.0
This This interactive self-study course discusses three topics related to how gains and losses are reported on Form 1040. Lesson 1 covers commonly encountered security transactions. Lesson 2 talks about issues that may arise for taxpayers with significant real estate and investment property activities, including installment sales, like-kind exchanges, conversions of property, and qualified opportunity funds. Lesson 3 concludes the course by discussing bad debt losses, debt discharge income, and foreclosures.
Course Expiration Date: December 31, 2023
Please note, the grading fee for answer sheets submitted by regular mail is $119.
Included with subscription(s):
Identify how to treat stock holding periods, capital gain rates, mutual funds, Section 1244 stock losses, and worthless securities on Form 1040.
Determine the best treatment for publicly traded options, futures contracts, short sales, and employee stock options.
Recognize how the anticonversion rules, qualified small business stock, wash sale losses, virtual currency, and the distinction between stock traders and investors affect Form 1040.
Recognize issues related to the installment method, including when to use it, how to elect out, and how to dispose of related obligations.
Identify the rules for like-kind exchanges, involuntary conversions, and qualified opportunity funds.
Identify appropriate deductions for business and nonbusiness bad debts.
Recognize how to treat debt discharge income for solvent, insolvent, and bankrupt taxpayers.
Determine the best tax treatment for foreclosures by lender, reducing seller-financed debt, and modifying consumer credit card debt.
Lesson 1—Securities Transactions
Lesson 2—Installment Sales, Like-kind Exchanges, Conversions of Property, and Qualified Opportunity Funds
Lesson 3—Bad Debt Losses, Debt Discharge Income, and Foreclosures