About This Chapter
Real & Personal Property Taxes - Chapter Summary
This chapter is filled with fun lessons you can review to study real and personal property taxes. Our expert instructors make it simple to understand capital gains treatments, installment sales, publicly traded partnerships and more. Once you've completed this chapter, you will be able to:
- Define and describe basis of assets and basis of stocks
- Compare and contrast dealers and brokers in the stock market
- Describe options contracts in financial markets
- Discuss the basics of bad debt, uncollectable accounts and the allowance method
- Share the meaning of capital gains and losses and discuss the statutory framework
- Explain tax considerations for the disposition or sale of property
- Detail when the proceeds from a principal residence sale are or are not taxable
Feel free to review any lessons in this chapter in any order and as often as you'd like. If you develop questions while studying the lessons, be sure to submit them to our experts using the Dashboard. When ready, find out how much you understand about real and personal property taxes by taking our multiple-choice quizzes and practice chapter exam. These resources are available 24/7 and can be accessed using any computer, smartphone or tablet.
1. What is Basis of Assets? - Definition & Taxation
The lesson will discuss the basics of cost basis for federal income tax purposes. It includes a discussion of what basis is, the benefits of cost basis, and how cost basis is determined.
2. What is Basis of Stocks? - Definition & Taxation
In this lesson, we will define what a stock basis is and what kind of situations can alter it. We will also review how the basis works for the purposes of determining any tax due on the sale of stock.
3. Dealers & Brokers in the Stock Market
The New York Stock Exchange serves as a marketplace for dealers and brokers to buy and sell stocks. In this lesson we will examine the distinction between dealers and brokers.
4. Options Basics: Stocks, Payoffs & Puts & Calls
Many people believe the financial markets are limited to buying and selling shares of stock. But, in addition to stock, there are other financial instruments. In this lesson, we'll learn about option contracts - one such variation of stock shares.
5. Uncollectible Accounts, the Allowance Method & Bad Debt
Do you think that every customer that opens a credit account will pay off their balance completely? In the real world, not every customer does. In this lesson, you are going to learn what uncollectible accounts are and how to account for them.
6. Capital Gains Treatments: Definition & Advantages
Depending on the length of time that you've owned an asset, there are different capital gains taxes that come into effect. This lesson will help you ascertain the difference between short-term and long-term capital gains taxes.
7. Capital Gains & Losses: Definition & Statutory Framework
If money is made (or lost) on an investment, the IRS would like to know. This lesson will define capital gains and losses and explain the tax framework for the different types of gains and losses.
8. Sale of a Principal Residence as Income
In this lesson, we will look at the rules for when and the profits of selling a personal residence are taxed, as well as the different tax rates that apply depending on the circumstances of the sale.
9. Installment Sales: Definition, Tax Implications & Examples
This lesson will cover what an installment sale is, the tax implications of this type of transaction, and how to record it on taxes. We will also go over some examples of installment sales and why an installment sale can be risky for a business.
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Other chapters within the Special Enrollment Examination (SEE): Exam Prep & Study Guide course
- Preliminary Work for Personal Tax Preparation
- Income & Asset Tax for Individuals
- Retirement Income Taxation
- Itemized Tax Deductions for Individuals
- Tax Credits for Individuals
- Preparing Individual Taxes
- Advising Individual Taxpayers
- Specialized Tax Returns for Individuals
- Tax Considerations for Business Entities
- Tax Considerations for Business Partnerships
- Tax Considerations for Corporations
- Business Income Calculations
- Business Expenses, Deductions & Credits
- Analysis of Financial Reports
- Advising Business Taxpayers
- Specialized Tax Returns for Businesses
- Practices & Procedures of IRS Enrolled Agents
- Representation Before the IRS
- Representing the Taxpayer in the Collection Process
- Completing the Tax Filing Process
- Special Enrollment Examination (SEE) Flashcards