Introduction to Schedule D Self-Study

Summary

This course helps tax professionals gain a basic knowledge and understanding of Form 8949, Sales and Other Dispositions of Capital Assets, and Schedule D (Form 1040), Capital Gains and Losses, for individual taxpayers. Any time capital assets such as stocks, property, collectibles or cryptocurrency are sold, the taxpayer must report the gain or loss to the IRS using Form 8949 and Schedule D (Form 1040). This course teaches tax professionals how to properly report a sale on an individual income tax return and how to calculate such things as: the taxpayer’s basis in the capital asset, the proceeds from the sale, and whether it resulted in a gain or loss

Objectives

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

• Identify sales that are reported on Form 8949 and Schedule D (Form 1040)
• Calculate the adjusted basis of capital assets
• Determine whether the holding period of an asset is short-term or long-term
• Summarize the tax treatment of capital losses
• Apply the appropriate tax rates to capital gains
• Analyze whether the net investment income tax applies to the taxpayer
• Compute the §121 exclusion of gain from sale of principal residence

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.