Itemized Deductions and Schedule A, Part II

Description

Participants will acquire an understanding of the underlying authority for, and possible complexity of, seemingly simple tax questions, and how that authority ties into tax software programs and preparation of the tax return for an individual. This course specifically addresses items that are deductible on Schedule A, including charitable contributions, nonbusiness casualty losses, gambling losses, investment advisory fees, and unreimbursed business expenses. 

Highlights

LINK AND INSTRUCTIONS TO COME FROM AES TAX ONE DAY PRIOR TO SESSION

Objectives

After completing this course the participant will be able to:

• Determine the amount that is deductible as a charitable contribution, including rules for:
• - Cash, property, hunting trophies, automobiles, and virtual currencies;
• - Appraisals for property, including an appraisal of a virtual currency;
• - Letter of acknowledgment;
• - Donation of house or building to fire departments for training exercises;
• - Donation of a conservation (or facade) easement to the Colorado Land Trust;
• - Donation to a Donor Advised Fund;
• - Cutback on charitable contributions after TOBBB.
• Identify miscellaneous itemized deductions, including expenses which continue to be deductible after TOBBB such as excess deductions in year of termination.
• Illustrate the treatment of Ponzi scheme losses and casualty losses in a Presidentially declared or state declared disaster area.
• Determine the amount of gambling losses that are deductible for professional and non-professional gambler, as well as the amount of losses deductible for a session of play.
• Illustrate the options available for deducting investment advisory fees.
• Recognize the options available for deducting tax preparation fees.
• Illustrate the treatment of unreimbursed employee business expenses.
• Illustrate the options for the treatment of unreimbursed expenses incurred by a partner in a partnership and shareholder in an S corporation.
• Discuss the seven types of expenses which remain deductible under Other Itemized Deductions on Schedule A.