Making The Best of a Losing Situation: Loss Deduction for Individuals
Tuesday, June 8, 2027 · 2:00 – 3:40 PM ET
You have one year from airing date to use this course as credit.
Continuing Education
CPE Program Knowledge Level: Overview
2 CPE Credit; NO prerequisites or advance preparation
CTEC Course #: Coming Soon
IRS/RPO Approved Program
IRS RPO Course #: Coming Soon
Program Content
This online learning program, presented as a live webcast, will be also archived for QAS Self Study. The program will be available for viewing for 12 months after the live webcast. A panel of IRS and industry experts will present the content during a live, interactive discussion, where participant questions can be submitted. Questions will be answered live on the program or posted on the Resources page
The program, through a lively round-table discussion and real time interaction with the audience, looks at how individual taxpayers may recoup part of any loss suffered through tax deductions. Panelists will explore the types of losses for which individuals may claim a deduction, with a special emphasis on casualty losses. Panelists will discuss casualty losses to both business and personal property and the different limitations that apply. Other types of losses for which individuals may claim deductions will be considered in lesser detail.
By the end of the program, participants will have a practical understanding, through accurate, current, and effectively designed communications, of the types of losses for which a deduction may be available to individual taxpayers, with a special emphasis on losses to both business and personal property.
Program Learning Objectives
- Identify the types of losses for which an individual taxpayer may be entitled to a deduction.
- Identify how an individual determines a deductible loss suffered to business property and to property used for both business and personal purposes.
- Identify how an individual determines a deductible loss suffered to personal property and the special limitations imposed on that deduction.
- Identify other losses for which an individual taxpayer may be entitled to a deduction and the limitations on those losses.
Program Outline
Individual Losses in General
- Trade or Business
- Transactions Entered into for Profit
- Fire, Storm, Shipwreck, Other Casualties, and Theft
- Casualty Defined
Individual Business Casualty
- Gains and Losses
- Role of Section 1231
- Insurance and Other Reimbursements
- Condemnation
- Tax-Free Replacement
- Mixed Business and Personal Property
Individual Non-Business Casualty
- Declared Disaster Limitation
- Deductible
- AGI Limitation
- Calculation for Real Property
- Calculation for Personal Property
- Loss to Both Real and Personal Property
- Multiple Owners
- Orders to Demolish or Relocate Residence
- Year of Deduction
Other Losses
- Wagering Losses
- Theft Losses
- Capital Losses
- Worthless Securities
- Insolvent Financial Institution
Panelists
Moderator
Alan Pinck, EA
A. Pinck & Associates
Alan Pinck is an Enrolled Agent with over 30 years of tax preparation experience in the San Francisco Bay Area. He has built a practice specializing in individual, small business tax preparation and audit representation. You have seen Alan presenting at NTPI events, CSEA Super Seminar, Spidell Publishing as well as a variety of other presentations for tax groups and small business associations. Having represented thousands of tax returns in audit, Alan has obtained tremendous insight of the audit process as well as knowledge on a wide variety of tax issues.
IRS Panelists
Coming soon...
Industry Panelists
Coming soon...
Content Consultant
David F. Windish, J.D., LL.M
Content Consultant
David F. Windish, J.D., LL.M. in taxation, is a tax attorney and consultant. He has served as an instructor of tax-advantaged investments at the New York Institute of Finance; an Instructor of business law at the U.S. Merchant Marine Academy, Kings Point, N.Y.; and an adjunct professor at George Mason University, Fairfax, Va. He has also served as executive editor for Tax Analysts; managing editor for Business Strategies, published by CCH; and senior editor for the Institute for Business Planning.
Mr. Windish is the author of Practical Guide to Real Estate Taxation, published by CCH and currently going into its sixth edition. Earlier works include Tax Advantaged Investments and Investor's Guide to Limited Partnerships, both published by the New York Institute of Finance. Through the Center for Video Education, he authored continuing education courses dealing with real estate and closely held corporations. Those courses included readings, case studies, and videotape segments.
Mr. Windish is a graduate of Rutgers University Law School and the New York University School of Law, Graduate Division. He has been heard as a guest speaker at professional meetings and seminars and on popular radio programs.