- NY Credits : 2.0
- TX Credits : 2.0
- IRS Enrolled Agent Credits : Federal Tax/Tax Related Matters - 2.0
- IRS Non-Credentialed Return Preparer Credits : Federal Tax - 2.0
This course discusses two sets of IRS rules that may limit the amount of deductible loss from trade, business, rental, or other income-producing activities on a tax return-the passive activity rules and the at-risk rules. As a basic level course, it is most beneficial to professionals new to the passive activity and at-risk rules for deducting losses, such as those at the staff or entry level of the organization. It may also benefit a seasoned professional with limited exposure to these rules.
Upon successful completion of this course, the user should be able to:
assess issues that taxpayers may face when dealing with the passive activity rules, and
determine how the at-risk rules limit a taxpayer's losses.