Description:

This book is for preparing 2024 taxes. Determining a taxpayer’s basis in an asset is key when calculating the gain or loss on a sale of the asset, depreciation, casualty losses and other items necessary to complete their return. Unfortunately, the process of finding an asset’s basis is one that can cause confusion among tax professionals. This course provides the tools necessary for establishing a taxpayer’s initial basis in an asset and how that basis is adjusted. It will also discuss common situations where it is necessary to establish the taxpayer’s basis in an asset to calculate loss or gain in the disposition of property, determine depreciation allowed and address other common tax situations.

Topics include:

• Identifying basis in items acquired by various means, including purchase, creation, gift or inheritance
  
• Distinguishing between cost basis, adjusted basis and basis other than cost
• Calculating the basis of stocks and mutual funds
• Applying the timing and ordering rules for basis adjustments
• Completing Form 8594, Asset Acquisition Statement

Product Details:

Item Number: 24376

Level: Basic

Authors: NATP Staff

Published: 2024

Format: Print - 68 pages

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Corresponding CPE Courses:

Get the e-book FREE when you purchase the corresponding 2024 course..