Beyond the 1040®
This course addresses a wide variety of tax issues relating to children and homes. We explore issues involving children ranging in age from 0 to 27, such as tax credits, dependency exemptions, kiddie tax, and health insurance for nondependent children. In addition, we examine a variety of tax issues relating to the taxpayer’s principal residence from the date of purchase to the date of disposition. We review the mortgage interest deduction, deductible business travel to and from the residence, and the §121 exclusion, as well as converting a residence to a rental and claiming missed depreciation.
Upon completion of this course, you will be able to:
- Summarize the tax credits available to taxpayers with dependent children.
- Determine which taxpayer may claim the dependency exemption for a qualifying child.
- Summarize the requirements to claim tuition credits or deduction.
- Determine how inheritance or court settlements impact children’s reporting requirements.
- Analyze when kiddie tax applies and its reporting requirements.
- Analyze how to allocate health insurance on a family plan from the Marketplace to a nondependent child under 27.
- Summarize the requirements for deducting home mortgage interest and real estate taxes on Schedule A, Itemized Deductions.
- Determine if a taxpayer has a home office that is the taxpayer’s principal place of business.
- Distinguish deductible business transportation versus nondeductible commuting for travel between the residence and another location.
- Determine the basis of a residence when it is converted to a rental and upon disposition.
- Claim missed depreciation by filing Form 3115, Application for Change in Accounting Method.
- Compute the §121 exclusion and report the sale on Form 8949, Sales and Other Dispositions of Capital Assets, or Form 4797, Sale of Business Property, when there has been business use of the residence.
Includes online workshop recording, interactive review questions, PowerPoint presentation and e-book. CPE is issued after exam is successfully completed.
Cheryl Morse, EA