EA Exam Prep Part 1: Sales and Exchanges (Currently Unavailable)

Author: Eva Rosenberg

This is the fourteenth class of the EA Exam Prep Part 1 series. Is it a sale? Is it an exchange? Let TaxMama® teach you the difference. Explore Form 1040 Schedule D and Form 8949 in detail. Learn how to handle installment sales. Understand how to deal with issues relating to primary residences. Find out what happens when a primary residence is converted into a rental, and vice versa. Learn about the changes to casualty and theft losses and Form 4684.

Publication Date: June 2019

Designed For
Tax practitioners of all levels, regardless of experience, who want to learn about income tax preparation– and more. Excellent training for staff working in tax offices, accounting practices, and corporate settings, as well as independent bookkeepers. This course provides an in-depth look at sales and exchanges. It is especially helpful to those with no hands-on experience preparing tax returns – and those who are returning to tax preparation after years in corporate or other jobs. This course is also designed to help CPAs earn their Enrolled Agent credential so they can practice anywhere in the country without re-certifying.

Topics Covered

• Capital gains and losses
• Installment sales
• Tax-free exchanges
• Sale of a home
• Other primary residence transactions
• Converting a primary residence into a rental
• Converting business property into a personal residence
• Form 1040 Schedule D
• Related parties
• Section 1231 assets
• Section 1245 assets
• Section 1250 assets
• Form 6252
• Like-kind exchanges (Section 1031)
• The Starker Rule
• Disaster loss rules
• Involuntary conversions
• Form 4684

Learning Objectives

• Identify whether a transaction is a sale or exchange
• Recognize how to handle like-kind exchanges
• Identify how to complete Form 1040 Schedule D
• Identify how to complete Form 8949
• Recognize related party transaction rules
• Identify Section 1231, 1245, and 1250 assets and rules
• Recognize record installment sales
• Identify early disposition and repossessions of installment sales
• Identify how to complete Form 6252
• Recognize how to properly record primary residence transactions
• Identify how to record primary residence to rental conversions
• Identify how to record business property conversions into personal residences
• Identify losses that qualify under the casualty and theft loss rules
• Recognize how to record involuntary conversions

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None