Individuals - Special Tax Situations Quickfinder Handbook

Your trusted tax quick reference for special tax situations

In addition to the general tax rules that apply to all individuals, some individuals are subject to special tax rules that apply to them because of their occupation, investments, or life events. As a tax preparer, you’ll likely encounter these types of clients so it’s important to have a tax resource specifically designed to answer the questions you’ll face when preparing their returns.

The Individuals - Special Tax Situations Quickfinder Handbook will save you time and money on those out of the ordinary tax returns or tax situations you’ll encounter when preparing individual returns. It covers more than 30 types of unique taxpayers.

The Handbook includes:

• Quick Tax Briefings in each tab that provides at-a-glance summaries of the key tax rules and relevant IRS materials
• Key terms and definitions you need to know about each type of client
• Tax preparation guidance covering the unique rules and filing requirements for specific types of taxpayers
• Timesaving tips, observations, cautions, strategies, and other preparation alerts
• References to real life examples to help you apply the rules to client situations
• Quick reference tables and charts

By honing in on the specific tax rules that apply to specific taxpayers, the Individuals - Special Tax Situations Quickfinder Handbook is the perfect complement to the 1040 Quickfinder Handbook.

See information above for new edition availability. To order the current or prior tax year editions, please call us at 800-431-9025.

• Individuals Special Tax Situations Quickfinder Handbook 2020
  • Individuals—Special Tax Situations
  • Tab 1A—Aliens—Resident and Nonresident
    • Overview of Aliens
    • General Tax Reporting
    • Real Estate Issues
    • Foreign Financial Assets
  • Tab 1B—Bankrupt and Insolvent Individuals
    • Year of Bankruptcy Filing
    • Bankruptcy Estate
    • Bankruptcy Estate’s Tax Return
    • Debt Cancellation
    • Foreclosures and Repossessions
    • Example With Filled-In Forms
  • Tab 2A—Construction Contractors
    • Business Overview
    • Cash vs. Accrual Accounting
    • Long-Term Contracts
    • Tax Accounting for Long-Term Contract Income
    • Completed Contract Method
    • Percentage-of-Completion Method
    • Exempt Contract Percentage-of-Completion Method
    • Determining the Contract Price
    • Estimated Cost to Complete
    • Selected Other Key Tax Rules
    • Qualified Business Income Deduction
  • Tab 2B—Daycare Providers
    • Overview of Business
    • General Tax Reporting
    • Business Use of Home
    • Daycare Meals and Food
  • Tab 3A—Decedents
    • Filing Requirements—Year of Death
    • Income in Year of Death
    • Deductions and Credits in Year of Death
    • Other Final Return Filing Matters
    • Example With Filled-In Forms
  • Tab 3B—Direct Sellers
    • Overview of Direct Selling
    • Income From Sales
    • Other Income
    • Business Use of the Home
    • Business Meals
    • Business Gifts
    • Involvement of the Direct Seller’s Spouse
    • Reporting Requirements
  • Tab 4A—Disabled Individuals
    • Special Tax Rules and Definitions
    • Income
    • Expenses
    • Qualified ABLE Programs
    • Credit for the Disabled
  • Tab 4B—Disaster Victims
    • Casualties
    • Calculating the Amount of a Casualty Loss
    • Federally Declared Disasters
    • Insurance Reimbursements
    • Disaster Relief Payments
    • Other Disaster-Related Rules
    • Victims of Hurricanes Harvey, Irma, and Maria
  • Tab 5A—Divorced Taxpayers
    • Filing Issues
    • Exemptions
    • Dividing Income and Deductions in Year of Divorce
    • Property Transfers Related to Divorce
    • Alimony and Child Support
    • Recapturing Excess Alimony
    • Tax Carryforwards
  • Tab 5B—Elderly
    • Retirement Income
    • Standard Deduction
    • Medical and Dental Expenses
  • Tab 5C—Executives
    • Statutory Stock Options—ISOs and ESPPs
    • ISO AMT Considerations
    • Using Stock to Exercise ISOs
    • Nonqualified Stock Options
    • Restricted Stock
    • Section 83(b) Election
    • Section 83(i) Election
    • Relocation Packages
  • Tab 6A—Expatriates
    • Overview of Expatriates
    • Claiming the Exclusions
    • General Tax Reporting
    • Tax Equalization/Protection
    • Filings Related to Foreign Financial Assets
  • Tab 6B—Farmers and Ranchers
    • Accounting Method Issues
    • Government Program Income
    • Cooperative Distributions
    • Depreciable Property
    • Qualified Business Income Deduction
    • Farm Income Averaging
    • Hobby Losses
    • Farm Payroll Taxes
    • Other Key Tax Rules
  • Tab 7A—Gamblers
    • Professional vs. Casual Gamblers
    • Gambling and Lottery Winnings
    • Gambling Losses
    • Substantiating Gambling Losses
  • Tab 7B—Military Members
    • Filing Returns
    • Income
    • Adjustments to Income
    • Member’s Out-of-Pocket Expenses
    • Tax Credits
    • Tax Forgiveness of Military Decedent’s Tax Liability
  • Tab 7C—Ministers
    • Qualifying as a Minister
    • Income
    • Adjustments to Income
    • Business Expenses
    • Itemized Deductions
    • Self-Employment Tax
    • Earned Income Credit
  • Tab 8A—Oil and Gas Investors
    • Tax Return Reporting Overview
    • Direct Working Interest Owner
    • Pass-Through Working Interest Owner
    • Royalty Interest Owner
    • Lease Bonus and Delay Rental Income
    • Other Key Tax Considerations
  • Tab 8B—Professionals
    • Cash Method of Accounting
    • Personal Service Corporations
    • Renting Property to the Business
    • Attorney’s Trust Accounts
    • Client Expense Advances By Attorneys
    • Physician Employment Status
    • Issues Facing Architects
  • Tab 9A—Real Estate Owners
    • Real Estate Activities
    • Rental Income and Expense
    • Basis and Depreciation
    • Mixed-Use Property
    • Passive Loss Limits on Rentals
    • Qualified Business Income
    • At-Risk Rules
    • Special Considerations When Selling Real Property
    • Example With Filled-In Form
  • Tab 9B—Restaurant Owners
    • Restaurant Operations
    • Depreciation and Amortization
    • Tip Reporting Requirements
    • Inventory/UNICAP
    • Methods of Accounting
    • Employment Issues
    • Tax Credits
  • Tab 10A—Retailers
    • Cash Method of Accounting
    • Overview of Inventory Rules
    • Retail Inventory Method
    • Deducting Inventory Shrinkage
    • Qualified Business Income (QBI) Deduction
    • Depreciating Assets Used By Retailers
    • Franchise Fees
  • Tab 10B—Statutory Employees
    • Classes of Workers
    • Four Categories of Statutory Employees
    • Tax Rules
    • Example With Filled-In Forms
  • Tab 11A—Stock Traders and Investors
    • How Investors Are Taxed
    • How Traders Are Taxed
  • Tab 11B—Students—Higher Education
    • Is the Student a Dependent?
    • Scholarships, Grants and Other Financial Aid
    • Education Credits
    • Student Loans—Interest Deduction
    • Student Loans—Cancellations and Repayment Assistance
    • Foreign Exchange Students
  • Tab 12A—Transportation Workers
    • Travel Expenses
    • Reimbursing Employee Expenses
    • Employee or Independent Contractor?
    • Taxi Drivers and Chauffeurs
    • Pilots
    • Railroad Workers
  • Tab 12B—Other Taxpayers
    • Authors and Writers
    • Household Employers
    • Performing Artists and Athletes
    • Real Estate Agents
    • Teachers
    • Waiters and Waitresses
  • Back Cover

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