This webinar will do a quick in-depth deep dive into capital gains. We will look at what they are, how do they come up, and how taxpayers can take advantage of the tax code to lessen their impact.
We will start up by defining what a capital asset is. This is usually an easy question, but it can be difficult when we look at things like partnership interests and disposition of partnership interest. We will then look at holding periods. Typically, capital assets with a holding period of 1 year or more are long term and get beneficial treatment versus short-term, which is taxed at the ordinary tax rates.
We will also look at how to make the calculations for capital gains and losses while considering how it differs betweens types of entities.
We will also look at the capital gains tax rates. Finally, we will finish the webinar up with a discussion of 1031 exchanges and installment sales.
Why you should Attend
Many taxpayers have many investments in different things, whether its stocks and bonds or it's a baseball card collection. People need to know the impact of selling anything that could be considered capital gains. In addition, people often want to know how to delay paying these taxes through various means, such as installment sales, or 1031 exchanges.
This webinar will take you through the ins and outs of being able to identify capital gains, tax planning opportunities, and deferral of capital gains as well.
Areas Covered in the Session
- Capital Assets
- Holding Period
- How to computer losses and gains
- Capital Losses
- Capital Loss Carryovers
- Tax Rates
- Deferral Techniques
Who Will Benefit
- Tax Professional
Nick Preusch primary focus is performing tax services for high wealth individuals and mid-to-large business entities. Nick’s responsibilities include tax research related to complex business transactions and tax return preparation and review. He also works closely with businesses and individuals to find tax efficiencies through ever-changing tax legislation.
He was also an Internal Revenue Service (IRS) attorney at the IRS National Office in Washington, DC, where he was the lead attorney for several significant tax ethics cases.
Nick co-authored Tax Preparer Penalties and Circular 230 Enforcement, a textbook published by Thomson Reuters. He has also been published in the AICPA’s Tax Advisor and Journal of Accountancy along with CCH’s Journal of Tax Practice and Procedure. In 2017, he was named one of the VSPCA’s Top 5 Under 35. In 2018, he was named to CPA Practice Advisor’s Top 40 Under 40. In 2018, he was part of the AICPA’s New Face of Tax ad campaign.
Nick is a licensed attorney in New York and a Certified Public Accountant in Virginia. He earned an LLM in Taxation from Georgetown University, a JD from Case Western Reserve University, and an MS in Accounting from the University of Connecticut.