Reporting Unique Form 1040 Transactions Self-Study

Summary

Learn the more unique items that you may encounter on an individual return, such as the foreign earned income exclusion and installment sales. The course will dive into how to report transactions for employee stock benefits such as incentive stock options (ISO), restricted stock units (RSU) and employee stock purchase plans (ESPP). Additionally, the course will show the proper reporting for a publicly traded partnership (PTP) Schedule K-1 on the owner’s Form 1040, U.S. Individual Income Tax Return, and the sale of their interest, a claim of right, the sale of a life estate and like-kind exchanges.

Objectives

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

• Summarize the foreign earned income exclusion requirements and prepare Form 2555, Foreign Earned Income
• Explain and report ISOs, RSUs and ESPPs
• Summarize installment sale reporting
• Prepare Form 6252, Installment Sale Income
• Analyze and report a PTP Schedule K-1 and the sale of a PTP on a Form 1040 and related schedules
• Identify, calculate and report a claim of right
• Summarize and report the sale of a life estate
• Identify like-kind exchange requirements and prepare Form 8824, Like-Kind Exchanges

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.