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You are here: Home Course materials CPE course study guides 102819: 1001 Deductions & Tax Breaks Study Guide

102819: 1001 Deductions & Tax Breaks Study Guide

The study guide is provided to guide you through the course material in a step by step format.

Reading assignments are for 1001 Deductions & Tax Breaks 2019 by Babara Weltman

1) Introduction and You and Your Family

Reading Assignment: Introduction and Chapter 1 <<>> Review Question: # 1-6

The learning objectives for this lesson are to gain an understanding of:

  • Marital Status
  • Dependents
  • Qualifying Child
  • Qualifying Relative
  • Child tax credit
  • Earned income credit
  • Dependent care expenses
  • Adoption costs
  • Foster care
  • Child support
  • Alimony
  • ABLE accounts

2) Medical Expenses

Reading Assignment: Chapter 2<<>> Review Question: # 7-11

The learning objectives for this lesson are to gain an understanding of:

  • Employer-provided health insurance
  • Premium tax credit
  • Health coverage tax credit
  • Itemized medical expenses
  • Self-employed health insurance deduction
  • Long-term care coverage
  • Flexible spending accounts for health care
  • Health reimbursement arrangements
  • QSEHRAs
  • Health savings accounts
  • Archer medical savings accounts
  • ABLE accounts
  • COBRA coverage
  • Medicare
  • Continuing care facilities and nursing homes
  • Accelerated death benefits
  • Decedent's final illness
  • Medical insurance rebates

3) Education Costs

Reading Assignment: Chapter 3<<>> Review Question: # 12-16

The learning objectives for this lesson are to gain an understanding of:

  • FAFSA submissions
  • Employer-paid courses
  • Scholarships, fellowships and grants
  • American Opportunity credit
  • Lifetime learning credit
  • Work-related education
  • Tuition and fees deduction
  • Student loan interest
  • Interest on U.S. savings bonds
  • Coverdell education savings accounts
  • Qualified tuition programs (529 plans)
  • ABLE accounts
  • Seminars
  • Education travel
  • Cancellation of a student loan
  • Penalty-free withdrawals from IRAs
  • Government reimbursements
  • Internships and apprenticeships

4) Your Home

Reading Assignment: Chapter 4<<>> Review Questions: # 17-24

The learning objectives for this lesson are to gain an understanding of:

  • Mortgages
  • Mortgage interst tax credit
  • Home equity loans
  • Points
  • Prepayment penalties
  • Late payment penalties
  • Mortgage insurance
  • Reverse mortgages
  • Cancellation of mortgage debt
  • Penalty-free IRA withdrawals for home-buying expenses
  • Real estate taxes
  • Cooperative housing
  • Minister's housing allowance
  • Home sale exclusion
  • Moving expenses for active duty military personnel
  • Energy improvements
  • ABLE accounts 

    5) Retirement Savings

    Reading Assignment: Chapter 5<<>> Review Questions: # 25-30

    The learning objectives for this lesson are to gain an understanding of:

    • Traditional IRAs
    • Roth IRAs
    • IRA rollovers
    • 401(k) and similar plans
    • Self-employed retirement plans
    • SEPs
    • SIMPLEs
    • Retirement saver's credit
    • Custodial/trustee fees
    • Employer-paid retirement planning advice
    • Charitable transfers of IRA distributions
    • Loans from retirement plans

     

    6) Charitable Giving

    Reading Assignment: Chapter 6<<>> Review Questions: # 31-35

    The learning objectives for this lesson are to gain an understanding of:

    • Cash donations
    • Appreciated property donations
    • Used clothing and car donations
    • Intellectual property donations
    • Real estate donated for conservation purposes
    • Bargain sales
    • Volunteer expenses
    • Tickets to fund-raisers, raffles and sporting events
    • Membership fees to nonprofit organizations
    • Student exchange program
    • Donor-advised funds
    • IRA transfers to charity
    • Leave-based donation programs
    • Record keeper for your charitable giving

    7) Your Car

    Reading Assignment: Chapter 7<<>>Review Question: # 36-38

    The learning objectives for this lesson are to gain an understanding of:

    • Business use of your personal car
    • Employer-provided car
    • Vehicle registration fees
    • Car accidents and other car-related problems
    • Donating your car
    • Credit for plug-in electric drive vehicles 

      8) Investing

      Reading Assignment: Chapter 8<<>> Review Question: # 39-43

      The learning objectives for this lesson are to gain an understanding of:

      • Penalty on early withdrawal of savings
      • Loss on bank deposits
      • Capital losses
      • Capital gains and qualified dividends
      • Worthless securities
      • Loss on Section 1244 stock
      • Margin interest and other investment-related borrowing
      • Amortization of bond premium
      • Municipal bonds
      • Savings bonds
      • Gain on the sale of small business stock
      • Gain on empowerment zone assets
      • Gain on reinvestments in opportunity zones
      • Foreign taxes on investments
      • Exercise of incentive stock options
      • Losses from investment Ponzi schemes

      9) Travel

      Reading Assignment: Chapter 9<<>>Review Questions: # 44-47

      The learning objectives for this lesson are to gain an understanding of:

      • Business travel
      • Temporary work assignments
      • Conventions
      • Medical travel
      • Charitable travel
      • Educational-related travel
      • National Guard and military reservist travel
      • Frequent flier miles
      • Recordkeeping for travel expenses

      10) Real Estate

      Reading Assignment: Chapter 10<<>>Review Questions: # 48-51

      The learning objectives for this lesson are to gain an understanding of:

      • Vacation home
      • Home office
      • Timeshares
      • Rentals
      • Low-income housing credit
      • Rehabilitation credit
      • Like-kind exchanges
      • Deduction for energy-efficient commercial buildings
      • Qualified improvement property
      • Consevation easements
      • Special breaks for certain disaster victims

      11) Borrowing and Interest

      Reading Assignment: Chapter 11<<>>Review Questions: none

      The learning objectives for this lesson are to gain an understanding of:

      • Home mortgage interest
      • Student loan interest
      • Borrowing from retirement plans
      • Investment-related interest
      • Business interest
      • Accrued interest on bond purchases
      • Below-market loans
      • Bad debts
      • Debt forgiveness

      12) Insurance and Catastrophes

      Reading Assignment: Chapter 12<<>>Review Questions: none

      The learning objectives for this lesson are to gain an understanding of:

      • Casualty, theft and disater losses
      • Disaster relief payments
      • Damages
      • Disability coverage
      • Accelerated death benefits
      • Legal fees
      • Identity theft
      • Identity theft and tax relief
      • Hurricanes Florence and Michael 

      13) Your Job

      Reading Assignment: Chapter 13<<>>Review Questions: none

      The learning objectives for this lesson are to gain an understanding of: 

      • Educator expenses
      • Prizes and awards
      • Performing artists
      • State and local government officials paid on a fee basis
      • Repayment of supplemental unemployment benefits
      • Jury duty pay turned over to your employer
      • Impairment-related expenses
      • Military benefits
      • Contributions to state benefit programs
      • Fringe benefits
      • Income earned abroad 

      14) Your Business

      Reading Assignment: Chapter 14<<>>Review Questions: # 52-54

      The learning objectives for this lesson are to gain an understanding of: 

      • Start-up costs
      • Qualified business income deduction
      • Equipment purchases
      • Payment for services
      • Supplies
      • Gifts
      • Self-employment tax deduction
      • Home office deduction
      • Farming-related breaks
      • Other business deductions
      • Business credits
      • Net operating losses
      • Excess noncorporate business losses 

      15) Miscellaneous Items

      Reading Assignment: Chapter 15<<>>Review Questions: none

      The learning objectives for this lesson are to gain an understanding of: 

      • State and local income taxes
      • State and local sales taxes
      • Certain federal taxes
      • Tax refunds
      • Legal fees
      • Gifts you receive
      • Inheritances
      • Life insurance proceeds
      • Gambling losses
      • Estate tax deduction on income in respect of a decedent
      • Rebates and discounts
      • Government benefits
      • Olympic medals
      • Alternative minimum tax

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