1040 Preparation and Planning: Gross Income: Capital Gains and Losses: Part 2 (Currently Unavailable)

Author: Barbara Weltman, Sidney Kess

CPE Credit:  2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC

This course covers exclusion of gain from sale of a principal residence, and how the business use of a home affects that. It also explains expenses that can increase or decrease the basis in a principal residence. Additionally, it covers how to handle like-kind exchanges (including exchanges of insurance policies) property settlements on marital dissolutions, involuntary conversions, and special exchange rules.

Publication Date: December 2016

Designed For
Tax practitioners

Topics Covered

  • Principal residence
  • Exclusions, gains and sales
  • Home office expenses
  • Like-kind exchanges
  • Property settlements
  • Involuntary conversion
  • Exchange rules

Learning Objectives

  • Figure the exclusion of gain from the sale of a principal residence
  • List improvements and other expenses that increase or decrease basis in a principal residence
  • Determine whether a transaction qualifies as a like-kind exchange
  • Explain the rules for involuntary conversions
  • Discuss special exchange rules for certain types of property

Level
Intermediate

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
Prepare a detailed Schedule D that includes involuntary conversions, sale of residence and capital gains and losses

Advance Preparation
None

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