Description

Many clients end up selling one or more residences during their lifetimes. Accounting and finance professionals must be aware of the tax rules that relate to such sales in order to assist their clients regarding these sales. This program provides accounting and finance professionals with the tax rules they need to know to help their clients when they sell a personal residence. This program is a comprehensive survey of the various tax issues associated with the sale of a residence.

Instructor: Mike Tucker, Ph.D., LL.M., J.D., CPA

Target Audience

Accounting and finance professionals who will be advising clients regarding the sale or other disposition of a residence

Course Objectives

Explain and implement the tax rules relating to the sale of a residence

Subjects

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