Federal Reporting for Interest Income & Interest Expense
Date: Thursday, June 19, 2025
Instructor: Jane Ryder
| Begin Time: |
9:00am Pacific Time
10:00am Mountain Time
11:00am Central Time
12:00pm Eastern Time |
| CPE Credit: |
2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC |
|
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 will discuss various categories of interest income including OID, U. S. savings bond interest, EE and I bond interest exclusions, State muni income, seller financed interest, interest from installment sales, nominee adjustments to interest income, imputed interest and more. Deductions for interest expense may also involve challenges for mortgage interest for homes, rental property, or other real estate, investment interest expense, margin interest, capitalized interest costs, interest tracing rules, 10T elections, required interest on shareholder or partner loans, reverse mortgages, student loan interest and more. We’ll review the rules governing qualified acquisition debt, negative amortization, claiming interest not reported in taxpayer’s SSN or EIN, deductibility of financing for buying out a former spouse’s ownership in property, reporting business interest for business loans used to buy out partners or shareholders or return capital to them, home solar loans, and more.
Topics Covered
- Interest income
- Interest expense
- U. S. savings bonds
- Mortgage interest limitations
- Business interest expense
- Rental interest
- Shareholder or partner loans
- Investment interest
- Installment sales
- 10T elections
- Interest tracing
Learning Objectives
- Correctly report various types of interest income
- Understand mortgage interest limitations for individuals and accurate interest allocations for home offices.
- Maximize tax savings available related to business and investment income expenses.
- Advise clients on compliance matters related to partner and shareholder loans to and from business entities.
- Recognize unique tax matters related to interest earned or paid
Level
Basic
Instructional Method
Group: Internet-based
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
