While supply lasts

Description:

This book is for preparing 2021 taxes. Depending on the housing market, renting a home may be more popular than buying, and if your clients are renting the home, tax professionals will be preparing a Schedule E. Schedule E (Form 1040), Supplemental Income and Loss, is used for reporting residential rental income and expenses, as well as pass-through items from S corporations, partnerships, estates and trusts. Because this schedule is used to report a few different items, it can be confusing to know what needs to completed for your client’s specific situation. With this textbook, you’ll gain a basic understanding of Schedule E and be able to confidently complete your client’s Schedule E.

View Table of Contents.

Topics include:

• Identifying passive loss limitations and exceptions
• Determining eligibility for the special $25,000 loss allowance
• Recognizing who meets the qualifications of a real estate professional
• Summarizing the treatment of current and suspended passive losses upon disposition of a passive activity
• Applying the vacation home rules
• Identifying the type of activities reported on Schedule E
• Identifying and report rental income and allowable rental expenses
• Determining the depreciable basis of property used in a rental activity
• Interpreting the information provided on Schedule K-1 and enter the information appropriately on Schedule E

Product Details:

Item Number: 21317

Level: Basic

Authors: NATP Staff

Published: 2021

Format: Print - 196 Pages

Nonmembers – Join Now, Save More!

Corresponding CPE Courses:

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