1040 Preparation and Planning 6: Gross Income: Capital Gains and Losses: Part 1 (2018) (Currently Unavailable)

Author: Barbara Weltman, Sidney Kess

CPE Credit:  3 hours for CPAs
3 hours Federal Tax Related for EAs and OTRPs
3 hours Federal Tax Law for CTEC

This course discusses gains and losses. It defines basic terms, such as amount realized, basis, realized gain, and realized loss. It explains the basic requirements for nonrecognition of gain on involuntary conversions, and computation of the basis of property. The course looks at the distinction between capital and ordinary assets, which is important because capital gains and losses are reported differently from ordinary gains and losses, and the deduction of capital losses is sharply limited. It also covers Form 8949 and Schedule D of Form 1040.

Publication Date: November 2017

Designed For
Tax practitioners

Topics Covered

  • Form 1040
  • Gains and losses
  • Involuntary conversions
  • Capital and ordinary assets
  • Capital gains and losses
  • Form 8949 and Schedule D
  • Wash sale rule and installment sale rule

Learning Objectives

  • Describe what a capital asset is
  • Describe tax basis and holding period
  • Figure gain or loss
  • Apply the capital loss limitation
  • Describe the wash sale rule
  • Determine reporting under the installment sale rule
  • Complete Form 8949 and Schedule D of Form 1040

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (3 hours)

Program Prerequisites
None

Advance Preparation
None

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