This course focuses on Schedule E of Form 1040, which is used to report supplemental income.
Publication Date: April 2020
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
- Identify factors required to meet the safe harbor test test to treat rental real estate as a trade or business solely for the purpose of the qualified business income deduction
- Recognize how rental income is treated
- 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 amounts 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 each of the following improvements as a Section 179 deduction
- Describe possible limitations on deducting the loss passed through a partner
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (1 hour)
Program Prerequisites
None
Advance Preparation
None
Instructor
Barbara Weltman
Barbara Weltman, JD, has written extensively on a wide variety of tax, small business, and financial planning matters for both professionals and the general public. The Wall Street Journal called her “the guru of small business taxes.” She is the author of a number of self-study programs for CCH. She is publisher of Big Ideas for Small Business® and Idea of the Day® found at www.BigIdeasForSmallBusiness.com and is a guest blogger for the SCORE and many other sites. Ms. Weltman is a graduate of Brooklyn Law School.