The 1040 Line by Line Series: Part 2 (Completed)

Date: Monday, November 27, 2017
Instructor: Arthur Joseph Werner
Begin Time:  12:00pm Pacific Time
1:00pm Mountain Time
2:00pm Central Time
3:00pm Eastern Time
CPE Credit:  2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC

This course provides line-by-line coverage of Form 1040 deduction items, essential for the tax practitioner who wants to update their knowledge of individual income taxation, and provide a comprehensive review of Form 1040 complexities with regard to deduction items.

Who Should Attend
Tax practitioner who wants to update their knowledge of individual income taxation.

Topics Covered

  • Income issues
  • State/Federal Compensation Issues
  • Fringe Benefits-Exclusion from Income
  • Tax on Net Capital Gain
  • Planning Points
  • Basis Reporting in 2017
  • Wash Sales
  • Sale of a Home
  • Debt cancellation and Foreclosure Issues
  • Foreclosure Issues
  • Debt Relief Steps
  • Damages
  • Deducting Legal Fees
  • Portfolio Income
  • Insurance and Taxes
  • Deductions
  • Personal Exemption Phase-Out (OEO) and Itemized Deduction Phase-Out (Pease Limitation)
  • Deductible & Nondeductible Medical Expenses
  • Long-Term Care Insurance
  • AGI Limitation on Medical Expenses Increased in 2013
  • Sales Tax Deduction
  • Home Mortgage Interest
  • What is a Qualified Residence
  • What is Qualified Debt
  • Debt Properly Secured
  • Home Mortgage Debt Limit
  • Tax-Free IRA to Charity Contributions
  • Charitable Contributions
  • Noncash Contributions
  • What is Qualified Appraisal?
  • Casualty Losses
  • Deducting Gambling Losses
  • Professional Gambler
  • Miscellaneous Deductions
  • Schedule A- The problem

Learning Objectives

  • Identify necessary knowledge to complete IRS Form 1040 for the 2017 tax season
  • Recognize the updates for tax legislation
  • Describe the fringe benefits provided by an employer to exclude from an employee's income
  • Identify one thing to consider regarding capital gains tax
  • Differentiate statements regarding the Section 121 regulations for a sale of a home
  • Recognize the situations relating to life insurance reported for tax purposes
  • Identify how medical expense are treated for tax purposes
  • Describe what circumstances are gambling losses deducted
  • Recognize the fringe benefit provided by an employer excluded from an employee's income
  • Describe a wash sale
  • Identify when a taxpayer may obtain debt relief from cancellation of debt income
  • Recognize what income results from damages non-taxable
  • Identify when legal fees may be deducted
  • Describe what's included in miscellaneous deductions that are not subject to 2% AGI
  • Recognize which rule regards qualified appraisals for charitable deduction purposes
  • Evaluate IRS rules with regards to deductible home mortgage interest
  • Differentiate what is included in a non-deductible medical expense
  • Describe portfolio income subject to following tax rules

Level
Overview

Instructional Method
Group: Internet-based

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None

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