1040 Preparation and Planning 5: Gross Income: Capital Gains and Losses (2026)
Author: Barbara Weltman, Greg White
| CPE Credit: |
6 hours for CPAs
6 hours Federal Tax Related for EAs and OTRPs
6 hours Federal Tax Law for CTEC |
Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2028 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 six- hour CPE course, the fifth in the 1040 Preparation and Planning series, covers gains and losses, involuntary conversions, basis, capital and ordinary assets, and capital gains and losses.
Tax developments reflected in this course include the extensive changes effective for 2024 that were created by the One Big Beautiful Bill Act of 2025 (OBBBA) and other tax legislation, as well as IRS pronouncements and court decisions. They impact 2025 tax year returns that will be filed during the 2026 filing season and refund opportunities for earlier years; as well as point the way to strategic planning in 2026 and beyond. This course brings the tax preparer "up-to-speed" in preparing 2025 tax returns for the 2026 filing season.
Publication Date: September 2025
Topics Covered
- Capital gains and losses
- Involuntary conversions
- Basis
- Capital and ordinary assets
- Changes in the One Big Beautiful Bill Act
Learning Objectives
- Explain how taxable income affects the capital gains rate
- Explain tax basis and holding period
- Describe what a capital asset is
- Recognize how to figure gain or loss
- Recognize how to apply the capital loss limitation
- Explain the wash sale rule
- Explain the tax treatment of cryptocurrency
- Recognize how to determine reporting under the installment sale rule
- Recognize how to determine whether a transaction qualifies as a like-kind exchange
- Explain the rules for involuntary conversions
- Explain the tax benefits for Opportunity Zone investments
- Describe how to complete Form 8949 and Schedule D of Form 1040 or 1040-SR
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (6 hours)
Program Prerequisites
None
Advance Preparation
None
