Schedule E of Form 1040 or 1040-SR
Author: Barbara Weltman
| CPE Credit: |
1 hour for CPAs
1 hour Federal Tax Related for OTRPs
1 hour Federal Tax Law for CTEC |
Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2026 to receive credits. NOTE: Go to My Professional Profile in your CCH CPELink account settings to ensure your name, and PTIN number; matches your PTIN card
This course focuses on Schedule E of Form 1040, which is used to report supplemental income.
Publication Date: November 2023
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
- Recognize how rental income and expenses are treated
- Identify factors required to meet the safe harbor test to treat rental real estate as a trade or business solely for the purpose of the qualified business income deduction
- 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 losses 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 improvements as a Section 179 deduction
- Describe possible limitations on deducting a loss passed through a partner, S corporation shareholder, or beneficiary of a trust or estate
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (1 hour)
Program Prerequisites
None
Advance Preparation
None
