- NY Credits : 1.0
- TX Credits : 1.0
- IRS Enrolled Agent Credits : Federal Tax/Tax Related Matters - 1.0
- IRS Non-Credentialed Return Preparer Credits : Federal Tax - 1.0
With hurricanes hitting the Gulf Coast states and causing widespread flooding and billions of dollars in property damage, wildfires burning up the Pacific North West, and tornados in between, now is an appropriate time to revisit the federal income tax rules for disaster-related personal casualty losses. This course covers tax reporting for personal casualty losses, business casualty losses for individual on their business and income producing property, and involuntary conversions.
This basic level course is most beneficial to professionals new to casualty losses who may be at the staff or entry level in organization but also for a seasoned professional with limited exposure to this topic.
Upon successful completion of this course, the user should be able to:
determine the personal casualty loss deduction, including the effect of insurance proceeds and disaster relief payments, and when to report the loss on the federal income tax return;
determine the allowable business casualty loss deduction for individuals on their business and income producing property; and
identify involuntary conversion gains and how they may be avoided with the IRC Sec. 1033 gain deferral election.