- 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
This program focuses on Schedule E of Form 1040, which is used to report gross income and allowable deductions for royalty activities, real estate rentals, and certain items flowing from partnerships, S corporations, and estates and trusts to the individual partners, shareholders, and beneficiaries on their respective Schedule K-1 forms. Rules regarding basis, at-risk amounts, and passive activity loss limitations generally apply to rental activities and partnership items reported on Schedule E. Requirements for qualification as a real estate professional are explored along with the necessary substantiation requirements. This course is updated to reflect legislative changes included in the Tax Cuts and Jobs Act of 2017 (TCJA) signed into law by the President on December 22, 2017.
This course is most appropriate for the professional with detailed knowledge in Form 1040 who may be at a mid-level position within an organization with operational or supervisory responsibilities, or both.
Upon successful completion of this course, the user should be able to:
select the appropriate tax treatment of income and deductions associated with IRC Sec. 467 rental agreements,
identify the rules that specifically apply to vacation homes,
determine which activities are excluded from the definition of rental activity for purposes of the passive activity rules and when passive losses from rental activities may be used,
recognize, for purposes of the rules governing passive activity losses, what constitutes material participation in an activity,
determine how to allocate interest expense in order to properly claim a deduction, and
properly report pass-through income on Schedule E of Form 1040.