Unlock the secrets of investment income with Schedules B and D! Learn to report tax-exempt income, OID, qualified dividends, and capital gains. Mastering these forms helps tax professionals minimize clients tax liabilities and optimize tax planning. Dive into the details and ensure accurate reporting for the best financial outcomes!

Learning Objectives

• Identify the conditions requiring a taxpayer to file Schedule B and/or Schedule D
• Identify the different types and sources of interest and dividends reported on Schedule B
• Identify the tax rates applying to taxpayers on ordinary and qualified dividend income
• Given details of a taxpayers foreign accounts and assets, correctly determine whether an obligation to file Form 8938 and/or FinCEN Form 114 exists
• Identify the information needed to correctly calculate basis and gain or loss on the sale of a home and other capital assets
• Identify taxpayers who are subject to the Net Investment Income Tax and correctly determine their liability