Schedule E of Form 1040 or 1040-SR (Currently Unavailable)
Author: Barbara Weltman
| CPE Credit: |
1 hour for CPAs
1 hour Federal Tax Related for EAs and OTRPs
1 hour Federal Tax Law for CTEC |
This course focuses on Schedule E of Form 1040, which is used to report supplemental income.
Publication Date: April 2020
Topics Covered
- General information
- Income or Loss from Rental Real Estate and Royalties
- Income or Loss from Partnerships, S Corporations, Estates, and Trusts
- Income or Loss from REMICs and Other Issues
Learning Objectives
- Identify factors required to meet the safe harbor test test to treat rental real estate as a trade or business solely for the purpose of the qualified business income deduction
- Recognize how rental income is treated
- Describe conditions of eligibility to qualify as a "small taxpayer" under the safe harbor election to deduct certain improvement costs
- Describe the basis limitation for S corporation shareholders deducting amounts passed through to them
- Identify correct statements about unreimbursed expenses for partners and S corporation shareholders
- Identify how an owner of rental property can treat each of the following improvements as a Section 179 deduction
- Describe possible limitations on deducting the loss passed through a partner
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (1 hour)
Program Prerequisites
None
Advance Preparation
None
