This intermediate course includes how to calculate a short-term and/or long-term gain or loss. The student will understand holding period and what is a capital asset. Almost everything a taxpayer owns and uses for personal or investment purposes is a capital asset. When a capital asset is sold, the difference between the basis in the asset and the amount the item is sold for is either a capital gain or capital loss.
At the end of this course, the student will be able to do the following:
- Explain the holding periods for different types of property.
- Understand the difference between short-term and long-term capital gains.
- Identify capital assets.
- Determine the basis before selling an asset.
- Know when the primary residence is excluded from capital gain.
Field of Study: Federal Tax Law 1 Hour
Course Level: Intermediate
Prerequisite: General tax preparation knowledge is required
Delivery Method: Self-Study
Expiration Date to earn CEs: June 30, 2022.
IRS CE: 15G0B-T-00450-20-S