Business Tax Reporting on the 1040: Real Estate and Self-Employed Self-Study

Summary

This course will dive into tax reporting for Schedule E, Supplemental Income and Loss, and Schedule C, Profit or Loss from Business (Sole Proprietorship), the heart of many tax returns. With Schedule E, we will discuss income and expense reporting of rental properties; passive activity rules; qualified business income eligibility; vacation home rental rules; self-rentals; and real estate professionals. With Schedule C, we will examine income reporting; identify which expenses are deductible and which are not including meals and entertainment, home office, and depreciation; calculate qualified business income; and set up an accountable expense reimbursement plan. Finally, we will discuss statutory employees and their income and expense reporting requirements. There will be a comprehensive example on properly completing Schedule E and Schedule C for business owners and statutory employees.

Objectives

Upon completion of this course, you will be able to:

• Define passive activity rules.
• Identify when a rental is eligible for the QBI deduction.
• Summarize vacation home rental rules.
• Summarize the requirements for a real estate professional.
• Identify deductible and nondeductible expenses for Schedules E and C.
• Calculate QBI for a Schedule C owner.
• Prepare an accountable plan.
• Define statutory employee.
• Prepare Schedules E and C.

Course Details

This course includes an e-book and exam questions to help you earn CPE. CPE is issued after the exam is successfully completed.