- 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 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.
Included with subscription(s):
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, vacation homes, and passive activities;
recognize, for purposes of the rules governing passive activity losses, what constitutes material participation in an activity; and
properly report pass-through income on Schedule E of Form 1040.