Many clients end up selling one or more residences during their lifetimes. Tax practitioners must be aware of the tax rules that relate to such sales in order to assist their clients regarding these sales.
DESIGNED FOR
Any tax professional who will be advising clients regarding the sale or other disposition of a residence
BENEFITS
- Explain and implement the tax rules relating to the sale of a residence
HIGHLIGHTS
- General rules relating to the sale of a residence under § 121
- Sale of a taxpayer’s main home
- Qualifying for a partial exclusion of gain on the sale of a home
- How a taxpayer meets the residence requirement
- Meeting the look-back requirement
- Separated, divorced, and widowed taxpayers
- Work-related moves and unforeseeable events
- Inherited homes and homes received in a divorce
- Impact of business or rental use of home on the gain exclusion
- Reporting gain or loss on the sale of a home
COURSE LEVEL
Basic
ADVANCE PREPARATION
None