Schedule D in the Real World All audio is streamed through your computer speakers. There will be...
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Schedule D in the Real World •All audio is streamed through your computer speakers. • There will be several attendance verification questions during the LIVE webinar that must be answered via the online quiz at the conclusion to qualify for CPE. • For the archived/recorded version of this webinar, the link to the attendance verification quiz is a final exam on the topics covered during the presentation.
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Transcript of Schedule D in the Real World All audio is streamed through your computer speakers. There will be...
Schedule D in the Real World
•All audio is streamed through your computer speakers.
• There will be several attendance verification questions during the LIVE webinar that must be answered via the online quiz at the conclusion to qualify for CPE.
• For the archived/recorded version of this webinar, the link to the attendance verification quiz is a final exam on the topics covered during the presentation.
Schedule D in the Real World
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Presented by:Kathy Hettick, EA, ABA, ATP, RTRP Gene Bell, EA, ATA, CFP®, RTRP
National Society of Accountants1010 N. Fairfax StreetAlexandria, VA 22314
800-966-6679www.nsacct.org
Learning Objectives
To understand the basics of capital asset sales and the 2011 reporting requirement changes as they relate to Schedule D and the new Form 8949.
Schedule D Hot Issues!
Form 8949Covered vs. Non CoveredBasis, Basis & more BasisAdjustment Codes
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Schedule D
Just a summary form now–Other forms flow to Schedule D
Unlike the Schedule E–The devil is in the details!
More on that in our Schedule E webinar October 22, 2013
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Why do we have a Schedule D?
Tax Code Complexities Capital Gains Tax Rates Netting RulesTax Computation Worksheet
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What is a Capital Asset?
IRC§1221–List of assets that will never be capital assets–Congress never defined the term
U.S. Supreme Court Workable Distinction– Malat v. Riddell, 383 U.S. 569 (1966)
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Practice Management Tip
Have a ProcessHave ProceduresDo your Due DiligenceAsk the Right Questions
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New Form 8949Why do we need it?
The 2011 Changes Required Basis ReportingSeparate Pages to Report Short Term & Long TermIRS Matching ProgramCovered vs. Non Covered
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Basis IssuesForm 1099 B
How Do I Read It
Got It
Didn’t Get It
Correcting It
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Basis Issues Getting it Right when the form is WRONG!
Adjustment Codes–How do I use them–When do I use them–Where do I put them–Will they cause IRS correspondence
Asking the right questions to get the right answers
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Basis IssuesBurden of Proof! WHO?? – Preparers
Asking the right questions – Clients
Documents for supporting basis– Brokers
Communicating changes
Carry What? Where?
Reportable or Non Reportable LossesCarryover of LossesCarryback of LossesPrior Year Due Diligence Corporation vs. 1040 vs. 1041
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Forms Summarized on Schedule D
Form 4797 Business Assets
Form 6252 Installment Sales
Form 8824 Like-Kind Exchanges
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Forms Summarized on Schedule D
Form K-1 Partnerships, S Corps, Estates, Trusts
Form 1099-DIV Capital Gain Distributions
Who’s Doing the Return?
Preparers BewareSoftware Input \ Tax Return OutputCheck the Result of Your InputDid It Show Up Where ExpectedBe Diligent
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Practice Management Tip
Ask yourself, have you;
Been ReasonableBeen PrudentBeen EthicalAsked the Right Questions
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