TAX25102. Loss Deductions Restrictions (Basis, At Risk Rules, PIGS and PALS and EBLs)

During this session attendees will learn the technical rules for basis, at-risk, passive activity losses, and excess business losses, as well as where in the Code and Regulations to find assistance with these rules. Attendees will get to engage in practical, hands-on examples of how these rules work, and questions are encouraged throughout.

Learning Objectives:

• Recognize the hurdles an individual must pass in order to take a loss from a flow-through or other activity on their 1040.
• Identify how to ensure the accuracy of prior-year returns and that the tax software is properly tracking carryovers and utilizing losses.
• Identify questions to ask clients and how to be proactive in assisting clients who have limitations on utilization of losses.