Oregon Gross Income, Capital Exchanges, and Property Basis

In this class, you’ll go through 7 hours of Tax Law, on the topics of Gross Income, Capital Exchanges, and Property Basis. This class starts with an explanation of recording and reporting tip income, including how to assist those clients who must report. Investment income is then considered, including the types of debt instruments, the taxable interest on those instruments, and how to report investment income.

The session continues with a topic shift to the sale and exchange of capital assets. In order to understand the taxable portions of those sales and exchanges, the course gives a thorough review of cost basis and how to determine the basis of real property, as well as adjustments to basis. From there, taxable and nontaxable exchanges are addressed and compared. This section encompasses the sale of property, including the exchange of capital assets.

Lastly, reporting the sale of a home is covered to allow practitioners to assist clients with this common exchange. This course closes with an overview of how to report capital gains and losses, including updated capital gain tax rates for 2021.